Image by Yinan Chen from Pixabay

Canada’s national housing agency, Canada Mortgage and Housing Corp. (CMHC), predicted home prices could drop by up to 18 per cent over the next 12 months. Banks are predicting a drop as well, though not as high. The Canadian Imperial Bank of Commerce has predicted prices will fall between five and 10 per cent this year compared to last year, while Royal Bank of Canada expects a seven per cent decline and BMO has it at five per cent.

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