Canada's housing boom has been unprecedented; the fallout will be too, say these economists — via financialpost Canada housingmarket
Most agree that Canada’s housing boom during the pandemic has been unprecedented.
“We believe this will cause the housing market to reach a breaking point and crash under the weight of its own success before year end,” Stillo said in the report. The third trigger is new government housing policies. Some of the proposed national initiatives in the pipeline include a house-flipping tax, temporary ban on foreign ownership and a tax on non-resident-owned vacant homes.But it would still leave prices 15% higher than before the pandemic, and lead to a healthier market, argues Oxford.
There are risks. While a 24% fall in home prices will knock near-term economic growth, it is unlikely to cause a recession or stress the financial system, said Oxford, though it adds that can’t be entirely ruled out.
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