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Red-hot Canadian property market to lose some steam in 2022: Reuters poll
https://www.reuters.com/business/red-hot-canadian-property-market-lose-some-steam-2022-2021-12-07/
Canada's double-digit house price inflation will lose steam next year, but affordability is still almost certain to worsen in one of the world's hottest property markets, according to a Reuters poll of analysts.
A rush to purchase homes ahead of expected increases in Canadian interest rates next year is boosting the housing market in the final quarter, with prices skyrocketing 18.2% in October compared to the year-earlier period.
Extra froth in the market, driven by investors fueling perceptions that prices will keep rising, has prompted the Bank of Canada to recently warn of an increased risk of a correction.
"Affordability is unlikely to improve next year as prices should march higher, even as interest rates creep upwards as well," said Rishi Sondhi, economist at TD Economics, who expects house price inflation to slow considerably next year.
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