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TD report warns of potential 10% drop in home prices in some Canadian markets

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According to a recent report by TD, home prices in some markets could drop more than initially predicted, up to 10%.

The provinces of Ontario and British Columbia could see larger declines than what was previously expected.

This drop in prices comes at a time when the Bank of Canada has set a five percent interest rate, and Ottawa's Fall Economic Statement is seeking ways to improve housing affordability.

“A plan which is focused on continuing to support the Canadian middle class and on building more homes faster,” said Federal Finance Minister Chrystia Freeland.

Global’s Kyle Benning reports.

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Category
U.S. & Canada
Tags
global news, TD report, home prices
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