Why the Correction Takes Years

BMO economist Robert Kavcic forecasts a "long and slow grind" toward housing affordability in Canada⁠⁠. Prices have fallen 17% from their 2022 peak, but remain unaffordable for many⁠⁠. Investors have exited the market, calling real estate "dead money" compared to equities⁠⁠, and Kavcic predicts prices will continue to decline, especially in the condo and rental segments⁠⁠.

• The current market favors buyers, with sellers more likely to lower prices than buyers are to pay more⁠⁠​GTA prices still falling
• Detached houses dropped 8% year-over-year and condos fell 3.8% in the Greater Toronto Area⁠⁠​Rental market concerns
• Pre-construction condo buyers facing higher mortgage rates are forced to rent instead of sell, which reinforces bearish rental market outlook⁠

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