National Home Prices Close Out 2023 Above Prior Year Despite Continued Slowdown in Market Activity

Fourth Quarter Highlights:

• National aggregate home price increased 4.3% year over year in Q4 2023; decreased 1.7% quarter over quarter
• Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023
• Among report’s major regions, Calgary recorded highest year over year price appreciation (10.7%); only major region to post quarterly price gains in Q4 2023 (1.5% over Q3)
• 81% of regional markets posted a quarter-over-quarter decline
• Approximately 2.2 million mortgages in Canada will be renewing over the next two years, most at a much higher interest rate
• National aggregate home price expected to rise 5.5% year over year in Q4 of 2024