2023 National Aggregate Home Prices Forecast to End Year 1.0% Below Fourth Quarter 2022
Key highlights from the release include:
On a quarter-over-quarter basis, prices expected to flatten in Q2 and begin modest improvement in second half of the year, ending 2023 on upward trajectory; release includes national aggregate quarterly forecast for 2023
Condominium prices expected to outperform single-family homes in all major markets except Edmonton and Winnipeg
Greater regions of Toronto and Montreal forecast to see Q4 2023 aggregate price decline of 2.0% year-over-year
Q4 2023 aggregate home price in Greater Vancouver projected to dip 1.0% year-over-year
Despite declining affordability, heightened by rising interest rates, continued housing supply shortage acts as a floor on home price declines
Would you like to know how much your home is worth in today's market? How to increase it's worth? What type of home improvements will give you the best return-on-investment?