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Canada to sell the fewest homes this year

A new report from TD Economics predicts that Canada will see the lowest level of home sales this year since 2001.

Economist Rishi Sondhi's housing market outlook attributes the prediction to the lowest level of affordability since the late 1980s and early 1990s.

Sondhi forecasts that home sales will bottom out sometime in early 2023, after declining 20% from their peak.

He says sharp annual average price declines are expected in most Atlantic provinces, Ontario and B.C. in 2023, while smaller declines will materialize in the Prairies and Newfoundland and Labrador.

The Canadian Real Estate Association said last month that the national real average price of a home was $632,802 in November, down 12% from the same month last year.

Home sales in November totaled 30,135, a 39% drop from a year earlier.

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