Canadian home prices expected to fall 3.3 per cent in 2023: report

Sixty per cent of housing markets in Canada are expected to be in a balanced position in 2023, however some markets are expected to see larger moves in prices, says Re/Max report

A new report predicts average home sale prices in Canada will fall 3.3 per cent next year with the biggest declines expected in Ontario and Western Canada where some markets may see prices fall 10 to 15 per cent.

Re/Max says 60 per cent of housing markets in Canada are expected to be in a balanced position in 2023, however some markets are expected to see larger moves in prices. Prices in the Greater Toronto Area are estimated to fall 11.8 per cent, while Greater Vancouver is expected to decline 5.0 per cent.

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