Desjardins is forecasting the average home price in Canada will decline by nearly 25 per cent by the end of 2023 from the peak reached in February of this year.
In its latest residential real estate outlook published on Thursday, Desjardins says it's expecting a sharp correction in the housing market, adjusting its previous forecast that predicted a 15-per-cent drop in the average home price over that same period.
Desjardins says the worsened outlook stems from both weaker housing data and more aggressive monetary policy than previously anticipated.
The Bank of Canada raised its key interest rate by a full percentage point in July, pushing up the borrowing rates linked to mortgages, and further increases are expected this year.
The report also notes housing prices have dropped by more than four per cent in each of the three months that followed February, when the national average home price hit a record $816,720.
Despite the adjustment in the forecast, prices are still expected to be above the pre-pandemic level at the end of 2023.
Regionally, the report says the largest price corrections are most likely to occur in New Brunswick, Nova Scotia and Prince Edward Island, where prices skyrocketed during the pandemic.
"While we don't want to diminish the difficulties some Canadians are facing, this adjustment is helping to bring some sanity back to Canadian real estate," the report said.
The authors also note that the upcoming economic slowdown will ease inflationary pressures enough for the Bank of Canada to begin reversing interest rate hikes. Desjardins expects the Canadian housing market to stabilize late next year.
This report by The Canadian Press was first published Aug. 11, 2022.
An 81-year-old Quebec man has been sentenced to prison after admitting to killing his wife with Alzheimer's disease.
Pat King, one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa, has been found guilty on five counts including mischief and disobeying a court order.
The Canadian government has unveiled its plans for a sweeping GST/HST pause on select items during the holiday period. The day after the announcement, questions remain on how the whole thing will work.
The Canadian government is warning travellers following the deaths of at least six people in the mass poisoning of foreign tourists in Laos after drinking tainted alcohol.
A jury has found two men guilty on all charges related to human smuggling in a case where a family from India froze to death in Manitoba while trying to walk across the Canada-U. S. border.
The Canada Revenue Agency has released updated federal income tax brackets for 2025, reflecting adjustments for inflation. Here’s the breakdown.
Thirty new measles cases were reported this week in Canada, bringing the total number in Canada to 130 in 2024.
An assertive group of cross-country travellers pinned and duct-taped an unruly passenger mid-flight, after he allegedly tried to open a plane door at 30,000 feet.
Former Florida Rep. Matt Gaetz, who withdrew from consideration as U.S. president-elect Donald Trump’s pick for attorney general on Thursday, said Friday he will not be returning to U.S. Congress next year.
A jury has found two men guilty on all charges related to human smuggling in a case where a family from India froze to death in Manitoba while trying to walk across the Canada-U. S. border.
An 81-year-old Quebec man has been sentenced to prison after admitting to killing his wife with Alzheimer's disease.
Pat King, one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa, has been found guilty on five counts including mischief and disobeying a court order.
A Saskatchewan principal sentenced to six months behind bars for sexual assault has another chance to prove he’s the victim of a middle-school prank that escalated out of control.
The Canada Revenue Agency has released updated federal income tax brackets for 2025, reflecting adjustments for inflation. Here’s the breakdown.
A bail hearing has heard that a woman accused in the drowning death of a five-year-old girl in an Alberta lake didn't know the child and was supposed to be under house arrest.
A New York judge on Friday granted Donald Trump permission to seek dismissal of his hush money criminal case, in which he was found guilty earlier this year, in light of his victory in the Nov. 5 U.S. presidential election.
Queen Camilla will miss her third public engagement in two weeks as she recovers from a chest infection, Buckingham Palace said Friday.
The deaths of six foreign tourists linked to a suspected mass methanol poisoning has thrown a spotlight on a small town in Southeast Asia that has worked hard in recent years to shed its reputation for excess.
A second Australian teenager who fell critically ill after drinking tainted alcohol in Laos has died in a hospital in Bangkok, her family said Friday, bringing the death toll in the mass poisoning of foreign tourists to six.
More aid workers, health care staffers, delivery personnel and other humanitarians have been killed in 2024 than in any other single year, the United Nations reported Friday.
Former Florida Rep. Matt Gaetz, who withdrew from consideration as U.S. president-elect Donald Trump’s pick for attorney general on Thursday, said Friday he will not be returning to U.S. Congress next year.
A senior official says the Canadian government is not aware of any evidence linking Indian Prime Minister Narendra Modi to alleged criminal activity perpetrated by Indian agents on Canadian soil.
The Halifax International Security Forum started Friday with Canada's defence minister defending Canada's military spending as Donald Trump's election in the United States increases pressure on NATO members to do more.
Canada's consul general in New York doubled-down Thursday on his past claim that he exerted no influence on the decision of Global Affairs Canada to buy a $9 million condo in Manhattan.
As the country heads into the worst time of year for respiratory infections, the Canadian respiratory virus surveillance report tracks how prevalent certain viruses are each week and how the trends are changing week to week.
Drinking just 25 to 90 ml (0.7 to 3.0 ounces) of methanol can be fatal without proper medical treatment, but can be successfully treated if caught early.
A popular series of Murphy beds that had been sold online is under a recall in Canada and the U.S. after several reported instances of the furniture detaching from walls.
The promise of starting life anew on Mars may appear alluring as the climate crisis intensifies and space and rocket technology advances. But the reality would be dreadful, according to experts.
The Canadian Food Inspection Agency says oyster samples from New Brunswick's east coast have tested positive for two diseases, one of which has been found for the first time in Canada.
A group of high school students from Alliston, Ont., have garnered international attention after being invited to showcase their work on a global stage.
Sean 'Diddy' Combs is due to return to court on Friday for a hearing over his bid to be released on US$50-million bail from the Brooklyn jail where the music mogul has been held for 10 weeks ahead of his May 5, 2025 trial on sex-trafficking charges.
CTV film critic Richard Crouse says 'Wicked' is a bold, brassy re-imagination of the beloved hit musical that brews up its own cinematic vibe.
Kendrick Lamar gave music listeners an early holiday present Friday with the surprise drop of a new album.
Maple Leaf Foods Inc. has launched a defamation lawsuit against Canada Bread Co. Ltd. and its parent company Grupo Bimbo.
Starting Friday, avid moviegoers won't go thirsty or run out of salty, buttery treats while enjoying the latest films at all Cineplex theatres.
The federal government's 'meaty' move to pause federal sales tax on a long list of items and send cheques to millions of Canadians this spring could factor into an improving outlook for growth in 2025, economists say.
Peter Frank has paddled from Michigan's Upper Peninsula in June to the Chesapeake Bay in Maryland this month in his 1982 Sawyer Loon decked canoe, but he’s still got a long way to go.
The world's tallest woman and the world’s shortest woman have met for afternoon tea in London to celebrate Guinness World Records Day.
A coffee shop in Middleborough, Massachusetts, went viral overnight for offering free coffee to customers who entered the shop while dancing.
A civil jury in Ireland on Friday found that mixed martial arts fighter Conor McGregor sexually assaulted a woman in a hotel penthouse after a night of heavy partying.
Whoopi Goldberg's latest venture, the All Women’s Sports Network (AWSN), has been a long time in the making.
Alex Ovechkin has a broken left fibula and is expected to be out four to six weeks, an injury that pauses the Washington Capitals superstar captain’s pursuit of Wayne Gretzky’s NHL career goals record.
Northvolt AB has filed for bankruptcy protection in the United States, but said the move will not jeopardize the manufacturer's planned electric vehicle battery plant in Quebec — though hundreds of millions of taxpayer dollars invested in the parent company could be lost.
Canadian drivers are regularly in a hurry to get to their destination and a majority are willing to take unnecessary risks on the road, according to the results of a new survey.
A man from B.C.’s Lower Mainland who was scammed while selling his Porsche Cayenne online is sharing his cautionary tale – while calling for increased protections from the government.
Humans weren’t the only ones who struggled through the bomb cyclone that formed off the B.C. coast this week, bringing intense winds and choppy seas.
After driving near the water that winter day, Brian Lavery thought he saw a dog splashing in the waves – then realized it was way too cold for that.
Toronto radio and podcast host Jax Irwin has recently gone viral for videos of her cute -- and at times confusing -- phone conversations.
Two young women from New Brunswick have won one of the most prestigious and sought-after academic honours in the world.
Stretching 3,000 kilometres from the tip of New Zealand to its southernmost point, with just a bicycle for transport and a tent to call home, bikepacking event Tour Aotearoa is not for the faint of heart.
When he first moved to his urban neighbourhood, Barry Devonald was surprised to be welcomed by a whole flock of new neighbours.
When George Arcioni began renovating his kitchen last summer, he didn’t expect to find a stack of letters hidden in the wall behind his oven.
A Nova Scotia couple fulfilled their wildest dreams Thursday night when they got engaged at Taylor Swift’s Eras Tour in Toronto.
Some Calgary residents caught what appeared to be a meteor streaking across the sky early on Wednesday morning.
Another windstorm is headed to B.C.’s South Coast Friday, though Environment Canada says it will be weaker than the bomb cyclone event earlier this week.
Mounties in Burnaby say the occupants of a Tesla that drove past the scene of an arson earlier this week may have crucial information, and are urging them to come forward.
A young man has been arrested after multiple women reported receiving “disturbing” sexual notes – or in some cases underwear – in the same Burnaby, B.C., neighbourhood over recent months, the RCMP announced Thursday.
An additional 160,000 students in Ontario will get access to free meals, Prime Minister Justin Trudeau announced at a Brampton, Ont. school Friday.
Pat King, one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa, has been found guilty on five counts including mischief and disobeying a court order.
The 120th Santa Claus Parade is back in Toronto on Sunday and will bring along some road closures.
Calgary is under a snowfall warning with total amounts of 15 to 25 centimetres expected.
Calgary police are investigating after a body was found in the southwest community of Pine Creek.
Premier Danielle Smith and her minister of transportation spoke at a passenger rail forum in Calgary on Friday, adding more speculation about what could be in store for travel options for Albertans in the years ahead.
Pat King, one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa, has been found guilty on five counts including mischief and disobeying a court order.
An Orléans man who uses a service guide dog wants to see changes to rules surrounding dog attacks, after his guide dog was attacked by another dog last month.
The Ottawa Food Bank is calling the record-breaking visits to its food programs "a declaration of emergency," with children and youth and newcomers accounting for more than a quarter of visits last year.
Quebec provincial police are searching for a third suspect in connection with Kevin Mirshahi, the cryptocurrency influencer who was kidnapped and killed last summer.
Longueuil police (SPAL) are seeking potential victims as part of an ongoing criminal harassment investigation involving a 49-year-old man, Zimbalist Bowman.
An 81-year-old Quebec man has been sentenced to prison after admitting to killing his wife with Alzheimer's disease.
A bail hearing has heard that a woman accused in the drowning death of a five-year-old girl in an Alberta lake didn't know the child and was supposed to be under house arrest.
Pat King, one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa, has been found guilty on five counts including mischief and disobeying a court order.
An Alberta man has been charged after he allegedly drove his vehicle into a home and fired a gun in a town east of Edmonton.
A teen who pleaded guilty in the death of another teen on Prince Edward Island last year will be sentenced Friday.
A fall storm moving from Cape Cod into the Maritimes will bring the region rainy and windy weather this weekend.
A vulnerable man who was missing in Cape Breton has been found safe.
A jury has found two men guilty on all charges related to human smuggling in a case where a family from India froze to death in Manitoba while trying to walk across the Canada-U. S. border.
Human remains have been discovered near a home in the RM of Rockwood, Man.
The Canadian Federation of Independent Businesses is calling on the federal government to step in and get Canada Post employees back to work.
Much of southwest Saskatchewan is under a snowfall warning on Friday, with total amounts of 10 to 20 centimetres expected.
A Regina chiropractor accused of sexually assaulting seven different women took the stand Thursday as arguments began in his defense.
Evraz North America says an investigation is underway after a contractor was fatally injured while on the job in Regina on Nov. 19.
Charges were laid after a crash between an LRT train and a Dodge vehicle shut down a busy Kitchener street for more than eight hours on Thursday.
FunGuyz, which calls itself the biggest magic mushroom dispensary in Canada, says it's shutting down all 30 of its Ontario locations.
Waterloo Regional Police have released a video as they try to identify a suspect in a Cambridge robbery.
A Saskatchewan principal sentenced to six months behind bars for sexual assault has another chance to prove he’s the victim of a middle-school prank that escalated out of control.
A Saskatoon man is concerned about an Alberta non-profit coming into the city to open a new shelter and run the Lighthouse.
Saskatoon is bracing for another round of winter weather following a snowfall that blanketed the city earlier this week.
An 81-year-old was killed in a dog attack this week in Bonfield, Ont. Police believe three dogs were involved.
A 30-year-old woman is in hospital in Sudbury after she was stabbed multiple times early Friday morning in Chelmsford.
After years of delays, the province has pulled the plug on an addiction treatment centre in North Bay. A news release from Canadore College on Thursday confirmed the centre won’t be moving forward.
London fire crews and police are on scene of a house fire in east London. Crews were called to the 1800 block of Culver Drive, east of Third Street and south of Oxford Street, around 11:30 a.m.
Crews were called to the school around 10 a.m. to reports of smoke. According to the Thames Valley District School Board (TVDSB) the fire has been put out.
Significant delays are being reported in the area and tow trucks are on scene to help. No injuries have been reported.
Emergency crews were called to Highway 400 in Georgian Bay Township Friday morning after a fatal tanker truck rollover.
The doors are locked and the OPEN sign is off on Friday at an illegal magic mushroom dispensary in downtown Barrie one day after FunGuyz announced it would shutter its 30 Ontario locations.
Crews installed fencing along a busy stretch of road in the south end of Barrie to protect wildlife in preparation of a major construction project on the way.
Projects by four manufacturing companies are expected to create 29 new jobs in the Windsor area.
Windsor residents and visitors can get into the holiday spirit at Willistead Manor.
An Ontario law firm is seeking information about the movements and activities of a Catholic priest who was convicted of sexually abusing a 12-year-old boy before he died.
The power has been restored and single-lane traffic reopened on Saanich’s Quadra Street by the wreckage from a massive fire on a condo construction site.
Another windstorm is headed to B.C.’s South Coast Friday, though Environment Canada says it will be weaker than the bomb cyclone event earlier this week.
Vancouver Island’s major crime unit is investigating the case of a Victoria teenager whose death was initially ruled an accidental overdose, but has since been reclassified by coroners as a homicide.
Police are appealing for information on a targeted shooting that resulted in the hospitalization of a man in Kamloops.
British Columbia's independent police watchdog has cleared officers of wrongdoing in a crash where three people were killed south of Kamloops in July of last year.
A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.
The Hurricanes launched a three-game road trip south of the border Wednesday dropping a 4-0 game to the league-best Everett Silvertips.
A new citywide campaign is hoping to encourage residents to shop, eat and explore local this holiday season.
Agriculture is an industry mainly dominated by men, but around 80 middle school and high school students – all of whom are female – are hoping to change that.
Sault-based charity Save Our Young Adults, or SOYA, will soon move to a new home -- for good reason.
The City of Elliot Lake said Thursday it has received a $3-million donation from Edward and Suzanne Rogers for the Centennial Arena restoration.
Students in Sault College’s business accounting program have a new learning pathway that will ultimately give them a head start to a career.
A Newfoundland energy company's embrace of data centres is raising doubts about eastern Canadian hopes of harnessing the region's howling winds to supply Germany with power from green hydrogen.
An international group led by a Canadian is in Rome this week to push the Catholic Church to adopt a zero-tolerance policy on abuse by clergy.
A company hoping to build a multi-billion-dollar wind-to-hydrogen project in western Newfoundland is eyeing other options as Canada's plans to supply Europe with green energy have not yet materialized.
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