Source: THE CANADIAN PRESS, globalnews.ca, May 28, 2020
The drop in home prices will come along with a “historic recession” this year as the economic shock of COVID-19 continues to grow.
Canada’s housing agency says it expects home prices and sales will decline substantially this year and still won’t have recovered by the end of 2022.
Canada Mortgage and Housing Corp. says in a special housing market outlook that it expects home prices to decline between nine and 18 per cent, and as much as 25 per cent in oil-producing regions, before starting to recover by mid-2021.
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