Free Trial
JGBS

Under Pressure Early On

JPY

Goldman: Pushing Against The Wind

US TSYS

Cash Runs ~5bp Cheaper Early On

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

RBC Looking For Steepest Housing Correction Of Past Five Downturns

CANADA
  • Having already forecast a moderate recession in mid-2023, RBC go further and see the housing market on track for the steepest correction of the past five national downturns.
  • That involves prices falling more than 12% by 2Q23 with sales falling 23% this year and 15% in 2023 as housing affordability is on track to reach worst-ever levels.
  • They keep to their BoC rate forecast for a terminal 3.25% by Oct before a cut to 3% in Oct’23, but forecast a 5Y GoC yield of 2.8% for Dec’22, 2.7% for Jun’23 and 2.4% for Dec’23 (trading 2.85% today after rallying 12bps).

Source: RBC

112 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • Having already forecast a moderate recession in mid-2023, RBC go further and see the housing market on track for the steepest correction of the past five national downturns.
  • That involves prices falling more than 12% by 2Q23 with sales falling 23% this year and 15% in 2023 as housing affordability is on track to reach worst-ever levels.
  • They keep to their BoC rate forecast for a terminal 3.25% by Oct before a cut to 3% in Oct’23, but forecast a 5Y GoC yield of 2.8% for Dec’22, 2.7% for Jun’23 and 2.4% for Dec’23 (trading 2.85% today after rallying 12bps).

Source: RBC