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Housing market correction begins, 15% decline likely: Desjardins

BNN: 'A new report from Desjardins’ economics team says the Canadian housing market will likely bend, but not break, under the weight of rising interest rates and slowing activity.

'In a note to clients on Wednesday, Desjardins Senior Director of Canadian Economics Randall Bartlett and Senior Economist Hélène Bégin said prices could plausibly fall 15 per cent from their February 2022 peak by the end of next year, but would remain above pre-pandemic levels.

'“Looking ahead, we believe ever-higher borrowing costs are going to weigh on housing market activity as increasingly interest-sensitive households batten down the hatches for the impending storm. This is expected to lead to sustained weakness in sales activity, thereby keeping persistent downward pressure on prices,” they said.'

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