CMHC is predicting housing prices will continue to drop in 2023, but is warning the fall will do little for affordability. Patrick Perrier, the housing agency’s deputy chief economist, said in a report last Thursday Perrier, stated he expected the national average home price to fall 15% from $770,812 - the peak seen in the first quarter of this year - by the end of the second quarter of 2023. On an annual basis, he sees prices growing 2.6% in 2022 compared with 21.3% in 2021 , BUT, declining 6.3% in 2023 and rising 2.1% in 2024. # SANDI HALPERN # REAL ESTATE # SOLD #CMHC PREDICTION
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