HOME RATES ABOUT SERVICES VIDEO BLOG CONTACT ME TEAM
Douglas Schwartz Mortgage Broker

Douglas Schwartz

Mortgage Broker


Phone:
Address:
849 Premier Way, Sherwood Park, Alberta

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

The road ahead for the economy and housing — fall 2022 update

10/14/2022

Highlights

  • Inflationary pressures have been stronger and more persistent than expected since we published our Housing Market Outlook in April 2022.
  • This has led to significantly sharper than predicted interest rate hikes in Canada and other economies. Interest rates are expected to rise further given the need to reduce inflation.
  • The Canadian economy will enter a modest recession by the end of 2022 and start recovering in the second half of 2023.
  • The national house price is expected to decline by close to 15% by Q2 2023 from its historical peak in Q1 2022 as housing demand slows with rising interest rates and deteriorating economic and income conditions.
  • Despite this house price decline, ownership affordability will not improve as the benefit from lower prices will be offset by rising interest rates. Rental affordability pressures will increase with rental demand as fewer renter households can access ownership.

https://www.cmhc-schl.gc.ca/en/blog/2022/road-ahead-economy-housing-fall-2022-update

MY LENDERS

Scotia Bank TD Bank First National EQ Bank MCAP Merix
Home Trust CMLS Manulife RFA B2B Bank Community Trust
Lifecycle Mortgage ICICI Bank Radius Financial HomeEquity Bank CMI Bridgewater
Sequence Capital Wealth One Fisgard Capital Bloom Financial NationalBank