Once burning-hot Canadian house prices are expected to tumble a total 17.5% from their peak, roughly double the fall during the 2008-09 financial crisis, in a slowdown already well underway, according to a Reuters poll of market experts.
A succession of rapid-fire Bank of Canada interest rate rises that has taken the overnight rate from near-zero to 3.75% in just eight months has removed some steam from the market, with a doubling in the average five-year mortgage rate to near 5%.
