Canadian Home Prices Seen Falling More Than Forecast, TD Economists Say – Bloomberg

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Canadian home prices are likely to fall twice as much as previously expected, according to economists at Toronto-Dominion Bank, as persistently high borrowing costs and an unexpected surge in listings puts more downward pressure on the market.

As recently as last month, TD’s team was predicting average home prices would decline 5% through the first quarter of 2024, a call they first made in September. They’ve now changed the forecasted drop to 10%, they said in a research note Wednesday.

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