Sask. home sales and prices predicted to decline in 2023, bounce back in 2024: TD report
Saskatchewan home sales and prices are forecast to dip in 2023, but rebound in 2024, according to a recent market outlook from TD Economics.
Economist Rishi Sondhi predicts Saskatchewan will see a -14 per cent drop in sales in 2023. Sales are then expected to grow by 10 per cent in 2024, which is the lowest projected growth among Canadian provinces for the year.
TD predicts British Columbia will have the largest swings in home sales over the next two years, with a -22.8 per cent decline forecasted in 2023 and a 24.8 per cent increase in 2024. The outlook forecasts Manitoba to have the lowest decline in sales in 2023 (-8.3 per cent).
Average home prices are also forecast to dip -6.9 per cent in 2023, with a 3.7 per cent bounce back in 2024.
The outlook notes a “steep” decline of average prices predicted across Canada is expected to be lessened in the Prairies and Newfoundland and Labrador due to “comparatively decent affordability conditions.”
Relatively affordable prices are predicted to contribute to a “mild outperformance” in price growth in 2024 in those regions.
Saskatchewan has the highest average home price growth (3.7 per cent) forecast for 2024 provincially, along with Alberta and Newfoundland and Labrador tied at 3.2 per cent.
The benchmark price of a residential home in Saskatchewan as of December 2022 was $316,100, up 0.3 per cent year-over-year, according to statistics from the Saskatchewan Realtors Association.
Home prices are expected to drop the most in Nova Scotia in 2023 (-12.2 per cent), while TD predicts Newfoundland and Labrador will see the least amount of change (-1.0 per cent).
Nationally, TD is predicting 2023 will see the weakest year of sales since 2001. Sales are forecast to decline by -17.5 per cent in 2023, with 18.9 per cent growth expected in 2024.
“Calling a bottom in housing is notoriously difficult. That said, with our forecast tracking well, we’re retaining our near year-long call that Canadian home sales will bottom sometime in early 2023,” Sondhi said in the report.
If activity bottoms out, the report notes sales levels are still expected to remain depressed due to the poorest affordability level since the late 80s and early 90s.
Average home prices are also expected to fall 10.7 per cent across the country in 2023.
CTVNews.ca Top Stories
DEVELOPING
DEVELOPING Alberta's request for federal assistance approved after fast-moving wildfire hit Jasper National Park: Trudeau
Prime Minister Justin Trudeau announced on social media that Ottawa has approved Alberta's request for federal assistance after a fast-moving wildfire hit Jasper National Park and its townsite late Wednesday.
Jasper mayor says alert system to be reviewed after message 'glitch'
More than 25,000 people have been displaced from Jasper National Park since wildfires started to threaten the picturesque corner of Alberta Rockies on Monday, but the mayor of its namesake municipality says not everyone received an evacuation alert when it was sent out.
Canada's premiers forced to confront escalating climate change-related disasters
Many of Canada's provincial and territorial leaders remained consumed by climate change-related natural disasters that have only escalated since they met for meetings in Halifax last week.
Biden explains why he ended re-election bid in Oval Office address
U.S. President Joe Biden on Wednesday delivered a solemn call to voters to defend the country's democracy as he laid out in an Oval Office address his decision to drop his bid for reelection and throw his support behind Vice President Kamala Harris.
Unclaimed bodies are piling up in Newfoundland. A funeral director blames the government
A funeral director in St. John's says the bodies piling up in freezers at Newfoundland and Labrador's largest hospital likely belong to people whose loved ones couldn't get enough government help to pay for a funeral.
U.K. police officer suspended after video appears to show a man being kicked in head
A British police officer was suspended from all duties Thursday after a video was posted on social media that appeared to show an officer kicking and stamping on the head of a man lying on the floor of a terminal at Manchester Airport.
Norad intercepts Russian and Chinese bombers operating together near Alaska in apparent first
The North American Aerospace Defence Command (Norad) intercepted two Russian and two Chinese bombers flying near Alaska Wednesday in what appears to be the first time the two countries have been intercepted while operating together.
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
Monday breaks the record for the hottest day ever on Earth
Driven by oceans that won't cool down, an unseasonably warm Antarctica and worsening climate change, Earth's record hot streak dialed up this week, making Monday the hottest day humans have measured.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
Saskatoon
-
'A bright light': Trevor LaPlante identified as Prince Albert homicide victim
Prince Albert is grieving the loss of one of its most beloved neighbours and community champions.
-
'It's a big deal': Harmful invasive species a growing concern in Saskatchewan lakes
As people get out and enjoy the many lakes in our province this summer, those who take care of the waterways are warning about dangerous invasive species that’s a growing threat in Saskatchewan.
-
Sask. WWII veteran, 103, receives France's highest national order
A Saskatchewan-born veteran of the Second World War was recently presented with France's highest national order.
Winnipeg
-
Search of North End property linked to 2021 missing person case
The Winnipeg Police Service (WPS) is executing a search warrant at a North End property on Wednesday to look for evidence linked to a missing person case from 2021.
-
Elementary school in Thompson goes up in flames
An elementary school in Thompson, Man., has gone up in flames on Wednesday.
-
Church of rock: Jets owner, The Brothers Landreth save dwindling Winnipeg church, give it added purpose
A saving grace for a dwindling Winnipeg church has come in the form of Winnipeg Jets owner Mark Chipman and Juno-award-winning folk duo The Brothers Landreth.
Edmonton
-
DEVELOPING
DEVELOPING Alberta's request for federal assistance approved after fast-moving wildfire hit Jasper National Park: Trudeau
Prime Minister Justin Trudeau announced on social media that Ottawa has approved Alberta's request for federal assistance after a fast-moving wildfire hit Jasper National Park and its townsite late Wednesday.
-
Multiple structures ablaze as wildfire roars into Jasper townsite
One of two raging, wind-whipped fires menacing Jasper, Alta., roared into town Wednesday night and began burning buildings.
-
Jasper mayor says alert system to be reviewed after message 'glitch'
More than 25,000 people have been displaced from Jasper National Park since wildfires started to threaten the picturesque corner of Alberta Rockies on Monday, but the mayor of its namesake municipality says not everyone received an evacuation alert when it was sent out.
Calgary
-
AS IT HAPPENEDAS IT HAPPENED Wildfire reaches Jasper Wednesday night, causes 'significant loss'
One of two wildfires threatening Jasper National Park reached the townsite Wednesday night and caused 'significant loss.'
-
New fire burning in Banff National Park south of Hector Lake
A new fire was reported to be burning in Banff National Park late Wednesday afternoon.
-
Canadian man killed in southern Israel has ties to Airdrie
A man from Alberta was gunned down in southern Israel on Monday, near the Gaza border while he was armed with a knife.
Lethbridge
-
Lethbridge businesses helping residents beat the heat
Lethbridge has been no stranger to extreme heat over the last couple weeks.
-
Southern Alberta adaptive water skiing clinic growing in popularity
To break down barriers, an adaptive water skiing clinic was held for those with mental and physical disabilities on Tuesday evening...
-
'A revolution': Crown says accused in Coutts murder-conspiracy trial prepared for war
In a heated courtroom exchange, a man accused of conspiring to murder police at the 2022 Coutts, Alta., blockade rejected accusations he and others brought weapons and body armour to the barricade to start a war.
Toronto
-
The Ontario Science Centre hosted a wedding the day after its dramatic shutdown
The day after the doors of the Ontario Science Centre closed to the public on the grounds that its roof was failing and unsafe, the centre’s management made an exception to allow a wedding and reception on its grounds.
-
One person dead after collision in Mississauga
One person is dead after a collision in Mississauga Wednesday afternoon.
-
Blue Jays sting Rays 6-3 with a four-run eighth inning
Back-to-back RBI singles with two out from Justin Turner and Daulton Varsho were enough to spark a four-run eighth inning and push the Toronto Blue Jays to a 6-3 win against the Tampa Bay Rays on Wednesday.
Ottawa
-
NEW THIS MORNINGNEW THIS MORNING These were the most commonly stolen vehicles in Ottawa in June
Ottawa police are noting a developing trend in the types of vehicles that are being targeted by thieves in the capital.
-
Here's what you need to know about the Hwy. 417 closure this weekend for Preston Street Bridge replacement
A stretch of Highway 417 through Ottawa will be closed for 82 hours this weekend for the replacement of the aging Preston Street overpass. CTVNewsOttawa.ca looks at what you need to know about the Queensway closure for the replacement of the Preston Street bridge.
-
Canada soccer fans express shock, disappointment from Olympic team drone incident
The Olympics begin Friday, but it's been an embarrassing debut for the Canada’s women's soccer team who are now embroiled in a major scandal.
Montreal
-
Possible tornado topples car, uproots trees in Brossard
A possible tornado overturned a truck and uprooted several trees in Brossard, on Montreal's South Shore.
-
Quebec athlete named one of Canada's 2024 Olympic flag bearers
Maude Charron will carry the Canadian flag during Friday's Olympic opening ceremony in Paris. The athlete from Rimouski will also be defending her Olympic gold medal in weightlifting.
-
Montreal electronic traffic signs hacked to display pro-Palestinian political slogans
Montreal police are investigating after electronic message boards at two road construction sites in Montreal displayed pro-Palestinian political slogans Wednesday morning instead of usual traffic alerts.
Vancouver
-
'How can we be going backwards?' Vancouver city council votes to allow natural gas heat in new buildings
Vancouver city council has voted to allow natural gas for heating and hot water in new construction.
-
'We've pretty much lost our range': Ranch manager loses second range in 3 years to wildfires
T.J. Walkem, along with more than 80 of his cows, has spent the last few days desperately trying to evade the out-of-control Shetland Creek wildfire.
-
80,000 lightning flashes in B.C. in 3 days
Environment Canada has recorded a whopping 80,007 lightning flashes in British Columbia from Sunday through Tuesday, and the count continues on Wednesday for what could be a record-breaking stretch.
Vancouver Island
-
'No known connections' between recent sexual assaults on Vancouver Island, police say
Police on Vancouver Island are investigating three sexual assaults by strangers that were reported in the past week, though there is no indication the attacks are connected.
-
Vacations, meals, booze: Contractor used $100K of charity's money for personal expenses, B.C. court finds
A B.C. man who was hired to help a non-profit build a food hub but instead spent the money on personal expenses – including travel, restaurants, booze and cannabis – has been ordered to pay more than $120,000 in damages.
-
Vancouver Island wildfire grows overnight, remains out of control
A wildfire burning out of control on Vancouver Island continued to spread Wednesday as the provincial wildfire service assigned more resources to try to contain the blaze.
Kelowna
-
Kamloops RCMP officer charged with assault, mischief
A Kamloops Mountie has been charged with assault and mischief in connection to an incident that occurred last summer, Crown prosecutors announced Wednesday.
-
2 dead after serious crash on Highway 1 in B.C. Interior
Two people are dead after a serious crash that shut down Highway 1 near Sorrento, B.C. Saturday morning.
-
Structures lost to Shetland Creek wildfire as more heat, thunderstorms strike parts of B.C.
The number of wildfires in British Columbia has flared as more lightning storms bring the potential for further fire starts.
London
-
17-year-old victim of intimate partner violence was previously violently attacked by her partner
17-year-old Breanna Broadfoot, who will be honoured with a vigil on Wednesday night, had allegedly previously been attacked by her partner, residing in the same home where she later received fatal injuries.
-
Driver walks home after police tow vehicle that revved at Mitchell stop light
Nobody likes a loud and aggressive driver – but one such driver caught the attention of the wrong police officer when they revved their engine at a red light in Mitchell in early July.
-
Political U-turn kills plan to reduce speed limits in dozens of school zones on London’s busiest roads
On Tuesday, a majority of council rejected a recommendation by the Civic Works Committee that would have reduced speed limits by 10 km/hr in school zones along arterial roads during periods when students are usually present.
Kitchener
-
Guelph, Ont. police constable continues to fight for his job
A police constable in Guelph, Ont. pleaded guilty Wednesday to discreditable conduct – for a second time.
-
Cambridge mother blames GRCA for flood that destroyed her belongings
A Cambridge woman explains why she blames the GRCA for a flood that damaged her home and forced her family to flee in a canoe.
-
Wanted teen considered dangerous after escaping secure custody facility: WRPS
The Waterloo Regional Police Service (WRPS) is searching for a 16-year-old they say escaped a security custody facility in Wilmot Township.
Northern Ontario
-
2 Canadians being 'sent home immediately,' removed from Olympic team after drone incident
An analyst and an assistant coach with Canada Soccer are being removed from the Canadian Olympic Team and 'sent home immediately,' according to the Canadian Olympic Committee.
-
Northern Ont. reaction to Canada's Olympic controversy
With soccer growing in popularity in Sudbury, some with experience in the sport are with confusion and disappointment to the recent news out of the Olympics.
-
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
Atlantic
-
Risk and timing of thunderstorms in the Maritimes on Thursday
Showers along with a risk of thunderstorms will return to the Maritimes on Thursday as a cold front approaches from the west.
-
Border officers seize 140lbs of cannabis at Halifax airport
Two people are facing drug smuggling-related charges after border officers seized 140 pounds of suspected cannabis at the Halifax Stanfield International Airport on Monday.
-
Biden explains why he ended re-election bid in Oval Office address
U.S. President Joe Biden on Wednesday delivered a solemn call to voters to defend the country's democracy as he laid out in an Oval Office address his decision to drop his bid for reelection and throw his support behind Vice President Kamala Harris.
N.L.
-
Unclaimed bodies are piling up in Newfoundland. A funeral director blames the government
A funeral director in St. John's says the bodies piling up in freezers at Newfoundland and Labrador's largest hospital likely belong to people whose loved ones couldn't get enough government help to pay for a funeral.
-
Newfoundland refinery operator charged for flash explosion that killed worker
The owner of a refinery in Newfoundland has been charged with health and safety violations for a flash explosion at the plant in 2022 that killed a worker and injured seven others.
-
Transportation Safety Board investigating fire aboard boat abandoned by 'Lucky 7'
The Transportation Safety Board of Canada has sent investigators to Newfoundland to determine what caused a fire aboard a fishing boat that forced the crew to abandon the vessel for a life-raft, leaving them at the mercy of the waves for two days.
