Royal LePage Canadian Home Price Update and Forecast Q3 2022

National aggregate home price set to end year modestly below 2021 following third quarter price declines in majority of Canadian markets.

Third quarter highlights:
  • National aggregate home price increased 3.3% year-over-year in third quarter of 2022; decreased 4.9% quarter-over-quarter
  • Prices remain well above pre-pandemic levels; Canada’s national aggregate home price increased 25.4% in Q3 over the same quarter in 2020, and 21.5% over the same quarter in 2019
  • National aggregate home price for the final quarter of the year forecast at -0.5% compared to Q4 of 2021, giving up gains made early in 2022
  • 58 of the report’s 62 regional markets posted quarterly aggregate home price declines in Q3
  • Prices decline on a quarterly basis in Greater Montreal Area for the first time in more than five years as market activity drops, following trend set in greater regions of Toronto and Vancouver in Q2
  • Major markets in Atlantic Canada and the Prairies show modest quarterly price declines in Q3; Calgary and Edmonton markets faring better than other major cities
Read the full article here.

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