A new report predicts home prices across Canada will drop in 2021, as high unemployment and lower incomes due to the COVID-19 pandemic keep buyers from returning to the market. Moody's Analytics says the average price of a single detached home in Canada will fall by 6.7 per cent next year. "Not even lower interest rates will be enough to save the housing market," said Abhilasha Singh with Moody's Analytics. The CMHC says there was a "moderate degree of vulnerability" in the national housing market at the end of June. The rating is part of the agency's housing market analysis, which factors in price acceleration, overvaluation and overbuilding and adds other risks in the market due to the COVID-19 pandemic.

Source: CBC News September 24, 2020 12:00 UTC