Canadian home prices expected to fall 3.3 per cent in 2023: Re/Max report

TORONTO –

A brand new report predicts common dwelling sale costs in Canada will fall 3.3 per cent subsequent 12 months with the largest declines anticipated in Ontario and Western Canada the place some markets may even see costs fall 10 to fifteen per cent.

The report by Re/Max Canada made the forecast utilizing surveys of brokers and brokers from throughout the nation. Home costs in Canada have fallen this 12 months as the actual property market has cooled amid greater rates of interest which have elevated the price of mortgages for debtors.

Re/Max says 60 per cent of housing markets in Canada are anticipated to be in a balanced place in 2023, nonetheless some markets are anticipated to see bigger strikes in costs.

Prices in Kelowna, B.C., Nanaimo, B.C., and Durham, Ont., are predicted to drop 10 per cent in 2023, whereas costs in Barrie, Ont., are anticipated to fall 15 per cent.

Prices within the Greater Toronto Area are estimated to fall 11.8 per cent, whereas Greater Vancouver is predicted to say no 5.0 per cent.

Meanwhile, Calgary is predicted to see a 7.0 per cent enhance in sale costs and Edmonton is forecast for a 3.0 per cent achieve. Halifax is predicted to achieve 8.0 per cent.

This report by The Canadian Press was first printed Nov. 29, 2022.