The trajectory of Canadian home prices is beginning to resemble an old Road Runner cartoon—the one where Wile E. Coyote steps off a cliff and stands in midair for a few seconds, wondering where the ground went.
In this case, Wile E. is assuming the pose of a ground hog that's just seen his shadow, meaning six more months of collapsing prices.
According to a new report from Oxford Economics, the nosedive in Canadian home prices is only about half over: the 14% drop since prices peaked in February 2022 will continue until the summer, Oxford projects, with at least another 16% decline by the middle of 2023.
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