Home Prices to Fall Just 1% By End Of 2023: Royal LePage

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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Aggregate home prices will end 2023 down slightly for the year, Royal LePage projects\u0027After nearly two years of record price appreciation ... the frenzied housing market overshot, and the inevitable downward slide or market correction began\u0027
Source: financialpost - 🏆 7. / 85 Read more »

Home prices to drop one per cent by Q4 2023: Royal LePage outlookRoyal LePage is forecasting the aggregate price of a home in Canada will drop by one per cent to $765,171 by the fourth quarter of 2023. The real estate company says it expects prices to flatten in the second quarter and then modestly increase in the second half of the year, ending 2023 on an upward trajectory.
Source: CTVNews - 🏆 1. / 99 Read more »