How did Canada's housing market perform in 2020 & 2021?

Housing markets in Canada performed strongly in 2020 and 2021 despite the pandemic-related economic downturn. Growth in housing demand was strong as workers in high-paid occupations were much less affected by the pandemic. A shift in preference towards larger properties from the growing need for telework and homeschooling also drove growth.

Will Canada's housing prices fall in a'modest recession'?

Canada’s national housing agency forecastsa big drop in housing prices as the economy enters a “modest recession” by the end of the year. National average housing prices are expected to fall nearly 15% by the second quarter from the peak level of C$770,812 ($558,720) earlier this year, Canada Mortgage & Housing Corp. said in a report Thursday.

Will Canada's home price fall 5% in 2022?

That scenario would result in Canada’s national average home price declining 5% from its early 2022 peak by the middle of next year, Dugan estimated. Home sales would likely fall by 34%, according to the model.

Will Canada's housing market crash in 2023?

Canada’s housing market is correcting in 2023, as buyers readjust to higher mortgage interest rates. Sales and price declines should flatten out, and eventually reverse, once interest rates come back down. High demand for housing and a low supply of homes for sale should keep the market from an all-out crash.