The Royal LePage Home Price Update and Market Forecast was distributed last week. The release, distributed each quarter, includes price data and insights from experts in 62 real estate markets across the country, as well as national and regional forecasts.
In December, Royal LePage issued a forecast projecting that the aggregate price of a home in Greater Vancouver will decrease 1.0 per cent in the fourth quarter of 2023, compared to the same quarter in 2022. The aggregate price of a home in Greater Vancouver decreased 3.5 per cent year-over-year to $1,208,900 in the fourth quarter of 2022. On a quarterly basis, the aggregate price of a home in the region decreased 3.3 per cent; the third consecutive quarterly decline recorded.
Broken out by housing type, the median price of a single-family detached home decreased 3.7 per cent year-over-year to $1,643,900 in the fourth quarter of 2022, while the median price of a condominium increased 2.0 per cent to $731,700 during the same period.
Canadian Home Prices Wrap Up 2022
Blog by Frank Ingham | January 22nd, 2023
