Royal LePage anticipates only a mild downturn in home prices in 2023. Royal_LePage | realestate realestatenews realestatemarket canada economy housingmarket
With help from the Bank of Canada, some of the steam has been taken out of home prices this year. That said, the price decline has been modest, and more of the same is anticipated for 2023., released today, which estimates that the aggregate price of a home in Canada will decrease a mere 1% year over year in the fourth quarter of 2023, putting it at $765,171. Single-family detached properties and condominiums are projected to fall 2% and 1% to $781,256 and $568,933, respectively.
Low housing inventory has kept demand steady. And while new supply is plainly needed, very little has materialized. On top of that, demand for smaller household sizes, such as condos, means that more housing units are needed per capita than in the past.
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