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.”
-CHRISTOPHER ALEXANDER, PRESIDENT
RE/MAX CANADA
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.
