3 Key Points from Deputy Chief Economist of CIBC World Markets Inc., Benjamin Tal heading into 2023
Last Thursday CIBC hosted its annual webcast, answering questions about the state of Canada's financial market for the year ahead. Deputy Chief Economist, Benjamin Tal offered some excellent insights on the year ahead and how it will effect us all.
3 Key Points for 2023
- Interest Rates will likely stay on hold, as inflation starts to come down.
- Recession is possible although the impact could be reduced by a relatively strong job market.
- House prices might slide some more, but overall demand remains strong.
Why it Matters
1. Interest Rates will likely stay on hold, as inflation starts to come down.
2. Recession is possible although the impact could be reduced by a relatively strong job market.
3. House prices might slide some more, but overall demand remains strong.
Don't wait too long to get into the market as pricing won't stay down. Housing prices may continue to soften a bit more in 2023 as the final effects of interest rates kick-in but low supply and continued immigration and demand will slow price declines. Prices should rebound once the market adjusts to stable interest rates.
This year's event was entitled, "Where in the world are we? Your 2023 economic outlook was hosted by Carissa Lucreziano, Vice President, CIBC Financial and Investment Advice with market insights presented by Benjamin Tal, Deputy Chief Economist of CIBC World Markets Inc.
As Realtors®, Ben, Jim and myself (Brian) have listened to Benjamin Tal often as he's often asked to speak at Real Estate events across the country. He's one of our favourite speakers because of his ability to simplify complex financial information into actionable insights for average Canadians.