Housing prices in Canada will fall 30 percent this year from their peak in February last year, predicts Oxford Economics. Prices are already down 14 percent, and in a worst case scenario—which is unlikely, the group says—they could drop 48 percent.
“The seasonal pick-up in resale activity this spring will be a key litmus test in a recessionary environment,” said economists Tony Stillo, Michael Davenport, and Cassidy Rheaume in their report, according to the Financial Post.
