CTV News headline: TD ‘significantly’ downgrades home sale, price forecasts
https://www.ctvnews.ca/business/td-significantly-downgrades-…
A new report from TD says Canadian home sales could fall by nearly one-quarter on average this year and remain low into 2023.
The report, prepared by TD Economics and published Wednesday, says the bank has “significantly” downgraded its home sales and price forecasts compared to March “as monetary policy has tightened more acutely than anticipated.”
TD Economics expects increased borrowing costs to “weigh heavily on housing activity,” with the peak-to-trough decline, or the highest and lowest points in the business cycle, between the first quarters of 2022 and 2023 reaching 33 per cent.