that the average price of a home in Canada will increase 4.5 per cent in the fourth quarter of 2023, compared to the same quarter in 2022. This revised forecast anticipates an earlier-than-expected boost in activity in major housing markets across Canada.
"Coming out of a correction, it is common to underestimate the speed at which the market will turn itself around,” Phil Soper, president and CEO of Royal LePage, said in a press release. “As market activity is rebounding quicker than anticipated, we are looking ahead with a sense of cautious optimism. While we do not expect huge price gains this year, some sense of normalcy is returning to the market.”The average price of a home in Canada reached its peak in February 2022.
The survey also shows that the aggregate price of a home in Canada has decreased 9.2 per cent year-over-year in the first fiscal quarter of 2023, while the aggregate price of a home on a quarter-over-quarter basis has increased 2.8 per cent., three of Canada’s biggest cities saw aggregate price gains between the fourth quarter of 2022 and the first quarter of 2023. Toronto showed an increase of 4.8 per cent, while Montreal and Vancouver both showed a rise of 1.3 per cent quarter-over-quarter.
"Sanity is slowly returning to the housing market,” Soper said in the release. “While some buyer hopefuls will remain sidelined by a reduced capacity to borrow in this higher rate environment, our market data shows that many of those who chose to pause their search to see where prices and interest rates would land have resumed their home buying plans. Unfortunately, the challenge they must now deal with is a severe shortage of homes for sale.
Crooks, all of them.
Here's an idea how about doing actual reporting on how the government has a huge hand in the housing market? How about reporting on how there wouldn't be such a housing crisis if the government would let people build homes. But nope just keep reporting the same crap.
The market ls heating up because people know the rates are staying steady. Sales are skyrocketing again.
CBC
A real estate company telling us prices are going up so they're gonna make bigger commissions
Your next.
Trying to con buyers into paying too much.