A report predicting a significant drop in real estate value in the country next year is not indicative of what’s happening in Newfoundland and Labrador according to the industry.
TD Bank is forecasting an “unprecedented decline” in the average price of a home in early 2023. The report predicts the average price of a home in Canada could fall 20 to 25 per cent in the first quarter of next year.
However, Bill Sterling, CEO of the Newfoundland and Labrador Association of Realtors, says that report bases its conclusions on the market in Ontario and British Columbia.
They see a slight increase in prices this year and a drop of 2 or 3 per cent next year but nothing even remotely resembling the TD numbers.