Royal LePage has released its 2023 Canada housing price forecast showing some good news for prospective homebuyers. Across the country, median home prices are projected to drop by 2.4% in the first quarter of 2023 compared to the fourth quarter of 2022. That could mean a whopping 12% average difference in median prices between Q1 of 2022 and Q1 2023. The regional breakdowns show good news for Montreal, Toronto and Vancouver, but a mixed bag everywhere else. Nationwide, prices could pick back up by the end of 2023, but still see an overall decline of 1% compared to the fourth quarter of 2022.
House prices in Canada have been sweeping upward with inflation for at least a year, but a downturn is finally in the cards. RE/MAX Canada is predicting more than half of urban housing markets across the country to balance in 2023 with average residential prices decreasing by around 3%. Some cities are forecasted to see average residential sale prices drop as much as 15%. Quebec is projected to fall toward the tail end of positive housing trends, but some property types will benefit.
Housing markets across Canada could see a substantial price drop by early 2023, according to a new TD Bank report. Home buyer behaviour during the pandemic has shifted as people move toward remote work and away from city centres, causing a shock wave of price growth in smaller markets and fast deflation in major ones.
Canada plans to ban non-resident foreigners from buying residential property for two years a move aimed at tackling an out-of-control housing market.Federal Finance Minister Chrystia Freeland made the announcement while unveiling the 2022 federal budget Thursday afternoon."We will make the market fairer for Canadians," she said in the budget presentation. "We will prevent foreign investors from parking their money in Canada by buying up homes. We will make sure that houses are being used as homes for Canadians rather than as a speculative financial asset."