TD economist Rishi Sondhi predicts sales volumes to remain comparatively low within the coming year, though higher than what the numbers were in 2023. High interest rates, inflation and a slowing economic system hit Canadian wallets hard in 2023. CBC’s Peter Armstrong breaks down the financial outlook for 2024 and why there’s still lots of uncertainty forward.
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Home equity, with essentially the most favorable borrowing terms in the history of modern housing finance. Employment remained very sturdy via 2023 regardless of recession expectations all yr. Even if the economic system slows dramatically in 2024, for instance, and if unemployment rises, none of those other factors are true. Unemployed householders who not can make their mortgage fee can simply sell their residence in a couple of weeks. As a outcome, it’s unlikely that we’ll see any flood of distressed sellers or foreclosures in 2024.