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Canadian home prices will continue to decline until the middle of 2023 before they bottom out and start rising again through 2025, according to the Canada Mortgage and Housing Corporation’s latest housing market outlook.
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The national housing agency’s annual forecast, released April 27, predicts that while the average home price for 2023 will end up below last year’s level, a lack of supply and increasing demand will reinforce the country’s housing affordability challenges.