Desjardins is forecasting the average home price in Canada will decline by nearly 25 per cent by the end of 2023 from the peak reached in February of this year.
While construction slowed down on the Gatineau side of the Ottawa River, with the number of new starts falling to 132 from 151 the previous June, builders in Ottawa picked up the pace.
Federal housing agency says growth was driven by increases in both the value and volume of uninsured mortgages for property buying and refinancings.
Achieving housing affordability for everyone in Canada will require developers to become more productive and make full use of land holdings to build more housing, CMHC says.
The Bank of Canada said in a study Monday that the closure of many downtown services coupled with a desire for more living space increased demand for homes in suburban areas.
Rising interest rates and job uncertainty will combine to cool down Ottawa’s red-hot home resale market a few degrees in 2022 – but not enough to put the brakes on price hikes, agency says.
Freeland tells the House of Commons she will unveil the government's spending plans on April 7 in a document that has been expected to focus on measures to spur economic growth.
Housing experts say prospective homebuyers hoping Wednesday's interest rate hike will cool the country’s heated real estate market will likely be disappointed.