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Revised 2023 Price Forecast

revised 2023 price forecast, homes lined up in a row

After a stronger-than-expected start to the year, Royal LePage has revised their 2023 price forecast for the housing market.

Royal LePage is forecasting that by the end of the fourth quarter in 2023, home prices in Canada will increase by 4.5% year-over-year.  This is an uptick from the previous forecast which had home prices expecting to fall in Q4 to 1% below what the home prices were in 2022 Q4.

The CEO of Royal LePage mentions that while we shouldn’t expect huge price gains this year, there is normalcy and healthy grow to the market this year.  It seems market activity is rebounding quicker than expected and the market is looking optimistic.  

The Bank of Canada decided it will maintain its overnight lending rate at 4.5% and will continue to maintain that rate if inflation continues to come down.  Those buyers who were waiting for consistency might just be ready to get into the market again.  

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For more home price stats in Q1 click here: