Released this week, Royal LePages's annual 2023 Market Survey Forecast includes year-over-year price forecasts, insights from experts in nine major markets across the country, and a quarter-over-quarter national aggregate home price forecast for 2023. Here are some highlights for 2023:
- On a quarter-over-quarter basis, prices are expected to flatten in Q2 and begin modest improvement in the second half of the year, ending 2023 on an upward trajectory; the release includes the national aggregate quarterly forecast for 2023
- Condominium prices are expected to outperform single-family homes in all major markets except Edmonton and Winnipeg
- Greater regions of Toronto and Montreal are forecast to see a Q4 2023 aggregate price decline of 2.0% year-over-year
- Q4 2023 aggregate home prices in Greater Vancouver are projected to dip 1.0% year-over-year
- Despite declining affordability, heightened by rising interest rates, the continued housing supply shortage acts as a floor on home price declines