Real Estate Bust Has Legs
The Canadian housing bubble has been deflating since February 2022, with room to continue.
BMO Senior Economist Robert Kavcic notes that the current real estate bubble is "undoing itself" and this cycle will be measured in years.
“While many are searching for bubbles in the equity market, one continues to undo itself as we speak—Canadian real estate… We’ll reiterate, as we have from the start, that this cycle will be measured in years, not months or quarters.”
Kavcic compares the current nominal home price decline to the 1990s Ontario-led bust and US price trends after the 2007 bubble burst, suggesting a possible 5-year recovery period.
Author's summary: Canadian housing bubble deflates since 2022.
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