House sales Canada 2021-2023
House sales in Canada are expected to decrease by over 100,000 by 2023 compared with the 2021 figure of 665,934. The Canadian residential housing market is going through a period of change, because the skyrocketing home prices are being tempered by various measures. These measures include the foreign buyer tax in British Columbia and stricter mortgage qualification rules.
Will these measures be successful?
Existing home sales are also set to be affected by these changes. Only time will tell whether this trend will continue, or whether the Canadian housing market will heat up in spite of these measures. British Columbian residents appeared to be skeptical of the success of the foreign buyer tax, when they were asked in 2016. Only approximately one quarter of the respondents were confident that the tax would be successful in improving home affordability in their province.
Will these measures be successful?
Existing home sales are also set to be affected by these changes. Only time will tell whether this trend will continue, or whether the Canadian housing market will heat up in spite of these measures. British Columbian residents appeared to be skeptical of the success of the foreign buyer tax, when they were asked in 2016. Only approximately one quarter of the respondents were confident that the tax would be successful in improving home affordability in their province.
