Home prices across Canada are forecast to remain flat for the remainder of this year, according to the 2023 Fall Housing Market Outlook report from RE/MAX.
The real estate company says limited housing supply and high interest rates will lead to continued softness in the Canadian market and stagnant prices through the rest of 2023.
RE/MAX adds that the national average sales price for residential real estate in Canada is expected to show no change between now and the year’s end.
Thirty-three per cent (33%) of Canadians recently surveyed by Leger Marketing who are considering buying or selling a home within the next year said they need to wait and see what happens with interest rates before deciding whether to proceed.
Nationally, 44% of housing markets in Canada are expected to be sellers’ markets through the rest of this year, while the remainder are expected to be a balance of buyers and sellers, according to RE/MAX.
A few markets are forecast to see home prices rise in the coming months, including Toronto and Calgary. But the majority are expected to see prices remain flat.
In Greater Vancouver and Kelowna, British Columbia, homes sales are forecast to declined by 2% to 3% this fall. Average home prices in Eastern Canada are expected to decline between 1% and 2%, said RE/MAX.