Almost every housing prediction was wrong
It's no wonder Canadians are suffering from forecast fatigue
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For the last six years, Canadians have been plagued by constant predictions of a housing crash coupled with dire warnings that homes are overvalued by 21% to 35%—and yet, year after year housing prices keep going up, as we show below. Take last year, when prices increased by 6%, despite the Bank of Canada forecasting a possible 30% market correction. Or go back to 2010, when prices increased by 6.8%, despite the Economist predicting a potential 25% correction. All of this is enough to give anyone forecast fatigue—but homeowners in it for the long haul really won’t be impacted by the last few years of rapid appreciation or an impending correction. Instead, just focus on prudently paying off your mortgage.
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