Canadian home prices to drop 12% in 2023 but remain unaffordable for many. Buying or Renting a Home in 2023, making sure you’re credit score is up to date, find out more Free Credit Score in under 3 minutes: https://imp.i203032.net/Ry32Kv'>https://imp.i203032.net/Ry32Kv

The drop in home prices in Canada this year will be steeper than forecast three months ago but mild compared with a historic runup during the COVID19 pandemic, leaving many firsttime buyers still priced out of the market.

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0:00 Largest Real Estate Bubble in the World
3:39 Canada’s Housing Unaffordability Crisis
9:05 Canada’s Rental Unaffordability Crisis

Average home prices in Canada have already fallen roughly 15.0 per cent from their early 2022 peak and are forecast to drop 12.0 per cent this year. Without a large correction, prospective homeowners will continue renting. A strong majority, 7 of 10 analysts, said home ownership would decrease over the next two to three years

Canada faces a challenge that’s not related to interest rates: It needs to ramp up immigration because of its aging population. Otherwise, Canadians will need to pay more for health care and other services.
Canada’s real estate bubble isn’t just consuming the economy, it’s sucking up nontraditional opportunities. Statistics Canada (Stat Can) data shows the underground economy was booming in 2021. The cause of the sudden boom? Housing, which propelled the size of the informal and illicit economies almost as quickly as home prices climbed

Lower interest rates in 2023 could revitalize Canada’s housing market before the end of the year, according to some economists, even as the central bank warns the rate cut conversation is premature. Most economists and experts expect that cooling to continue into 2023, citing prohibitively high mortgage rates, low inventory on the market and uncertainty about where the Bank of Canada’s interest rate cycle will finally peak.

Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are uptodate based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.) #canadianhousingmarket #housingmarketcrash #housingmarketupdate