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Softer fall housing market expected due to high interest rates, low inventory

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RE/MAX Canada is projecting a softer housing market this fall due to high interest rates and a persistent inventory shortage. Read more.

In supporting data, 74.1 per cent of Re/Max broker regions surveyed from January to July 2023 reported a decrease in the number of listings. Sales transactions in these regions also saw declines, ranging from a drop of 4.1 per cent to as much as 39.6 per cent, year over year.

For instance, Sudbury and Calgary are expected to see the largest average price increases this fall, both rising by five per cent. This uptick will elevate the average home prices in these cities to $505,303 and $564,005, respectively. In terms of sales volume, St. John’s could face a significant 30 per cent decline by year’s end. Meanwhile, Calgary is also expected to see a decrease, but a less severe one, with a 20 per cent drop in sales according to estimates.Article content

In Ottawa, Re/Max forecasts a decline in residential sale prices for the upcoming fall season, estimated to range between two and five per cent.

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Softer fall housing market expected due to high interest rates, low inventoryRE/MAX Canada is projecting a softer housing market this fall due to high interest rates and a persistent inventory shortage. Read more.
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