Report forecasts softness in Canada's housing market this fall

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A new report forecasts that Canadian home prices will remain flat until the end of 2023.

A combination of limited housing supply and high interest rates will be the main factors driving a slowdown in the market,

, published Tuesday. Meanwhile, national average residential sale prices across all home types are expected to show no change between now and the end of the year.Thirty-three per cent of Canadians surveyed by Leger who are interested in buying or selling a home within the next year said they will need to wait and see how the interest rate environment unfolds prior to making a move. Another 55 per cent said interest rates will not be a consideration in their future housing plans.

Average home prices in Atlantic Canada are expected to decline between one to two per cent in Moncton, and are likely to remain flat in St. John’s, N.L., the report said. “If the fall market is an early indicator for 2024 activity, we may see a very active first quarter as buyers and sellers take advantage of easing prices into the earlier part of next year,” Alexander said. An online survey of 1,517 Canadians aged 18+ was completed between July 21 and 23, 2022, using Leger’s online panel.

 

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