Housing Market Trends: Parabolic Boom and Corrections (100 Points Total) The objective of this Case Study is to provide students with the opportunity to perform a practical application of Macroeconomics by analyzing the major impact the economy has had had on the Canadian Housing Market, specifically between 2018 and present day. Students will analyze quantitative data from Statista that dives deep into the average residential home sales, and average residential home prices in Canada. Students will support their findings by researching and examining historical prime lending rates changes and what experts project to happen to the prime lending rate in the near future. To complete the case study, please explore and investigate the Statista links below. You can access ALL Statista dashboards, and historical data to help strengthen your report by using the UCW Library"Database A-Z" "Statista". This assignment will help students apply quantitative reasoning, critical and creative thinking, and communication, and problem-solving skills to a real-world scenario and help them apply it to future conversations and assignments around our economy. The goal of this case study is to help students apply what they have learned in the class's theory to understand what has occurred, what is now occurring, and why it is occurring in the housing market as a result of changes in the macroeconomy. For this assignment, answer the questions below in a Microsoft Word Report Format using the template on the course page. Research relevant facts from Statista and other economic news outlet sources, perform analysis, and document your findings. By the end of this assignment, you should be able to explain to a friend or family member why the housing market changed so drastically in the last few years and provide a reasonable projection for what could happen next in the housing market. Analyze the Statista and WOWA housing market to support your answers. To access the Statista websites, you must go through the UCW Library so you don't need to pay to access them. Go to the UCW Portal Page Library Databases A-Z Scroll all the way to "S" where you will see "Statista". Once you click through and enter Statista in, in the search bar, search the bolded text below. https://www-statista-com.eu1.proxy.openathens.net/ Number of Houses Sold in Canada (2018-2024*) https://www.statista.com/statistics/588458/house-sales-canada/ Average Home Prices in Canada (2018-2024*) https://www.statista.com/statistics/604228/median-house-prices-canada/ Average Single Family Detached Home Prices by Market in Canada (2018-2024*) https://www.statista.com/statistics/1246435/single-family-detached-housing-average-price-canada-by-market/#:~:text=Average%20price%20of%20detached%20single%2Dfamily%20homes%20Canada%202023%2C%20by%20market&text=In%20the%20first%20quarter%20of,was%20approximately%20656%2C000%20Canadian%20dollars. Prime Lending Rate Historical Data: https://wowa.ca/banks/prime-rates-canada . Report Expectation Your report should cover 3 main sections and include an Executive Summary. Executive Summary: summarize your Case Study background and findings. Section 1: Average Housing Units Sold in Canada (2018-2024*) Using tables and/ or charts, visualize how the number of housing units in Canada has changed since 2018 What was the 2-year average growth in housing units sold in Canada from 2018-2020? What was the annual growth in housing units sold in Canada from 2020-2021? What was the annual growth or decline in housing units sold in Canada from 2021-2022? Section 2: Average Home Price in Canada (2018-2024*) Using tables and/ or charts, visualize how the average price of homes in Canada has changed since 2018 What was the 2-year average growth in the price of homes sold in Canada from 2018-2020? What was the annual growth in the price of homes sold in Canada from 2020-2021? What was the growth or decline in the price of homes sold in Canada from 2021 compared to 2023*? Section 3: Analysis 2021 Housing Market Boom: Why did the average housing units sold and the average price of houses increase so significantly in 2021? Provide a detailed explanation. 2022/2023 Housing Market Correction: Why did the average housing units sold and the average price of houses decrease so significantly in 2022 and 2023 compared to 2021? Provide a detailed explanation. Future Outlook: What do you think will happen in the housing market in 2024? Would you recommend buying a home? Why or why not? Hint: Use Macroeconomic learning objectives like supply and demand, interest rates (prime lending rates), inflation, economic output, and other qualitative reasoning to support your answers