CIBC: Challenges To Canadian Real Estate Will Be “Coming In 12-18 Months”
In all the conversations about Canada’s high home prices over the last few years, no one predicted that a global pandemic would finally bring them down. While prices haven’t collapsed—the average cost of a home in Canada fell by 1.3 per cent year-over-year in April—some cracks are starting to appear. Last month, home sales fell by a record 57 per cent, while month-over-month prices declined by 10 per cent. Last Friday, Evan Siddall, CEO of the Canada Mortgage and Housing Corporation, told the House of Commons’ finance committee that prices could fall by between nine per cent and 18 per cent from their pre-COVID-19 levels over the next 12 months.
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