2023 Real Estate Outlook Report


RE/MAX experts give an overview of the national housing market and their insights into 2023.

Amid rising interest rates, and a looming recession, RE/MAX Canada is anticipating a modest decline of 3.3 per cent in average residential sales prices across the country in 2023. The estimates are based on surveys of RE/MAX brokers and agents from coast to coast.

In sharp contrast to 2022, most regions analyzed in the report will experience more balanced conditions in 2023 – a trend that’s already starting to materialize as a result of current economic conditions.

“Canadians are understandably hesitant to engage in the market early in 2023. Despite this, more Canadians see real estate as a solid long-term investment when compared to this time last year. Governments must collaborate to address supply challenges, to make home ownership feasible for those who want it.”



2023 National Trends
National Average Price expected to decrease 3.3%. The biggest price declines are expected to occur in Ontario and Western Canada.

55% of regions are likely to shift to balanced or buyer’s markets. The trend has already started to materialize due to current conditions

Sales expected to increase in 34% of markets analyzed. This trend is more prominent in Ontario, where 11/21 regions analyzed could see more sales in 2023.

Housing market conditions can change quickly, and they often do. If you’re planning to buy or sell a home in 2023, stay up to speed on the latest trends and listings as they become available.

About the RE/MAX 2023 Canadian Housing Market Outlook Report
Consumer data was sourced by Leger through an online survey of 1,544 Canadians, completed between November 4-6, 2022, using Leger’s online panel. Leger is the largest Canadian-owned full-service market research firm. Leger’s online panel has approximately 400,000 members nationally and has a retention rate of 90 per cent. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.