From prices to sales, 2022 wasn\u0027t a bad year for the Canadian housing market and, looking at the data, 2023 should be better. Read more here
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Our review of the December 2022 data from the Canadian Real Estate Association reveals trends that contrast with the oft-repeated gloom-and-doom headlines.Article content What drove average housing prices higher was the boom in the first quarter of 2022. Since then, however, prices have considerably declined. Month-over-month comparisons show significant price declines, while even more pronounced declines were observed relative to the peak prices in February and March 2022.
But a longer-term comparison shows the benchmarked price in December was up 33 per cent over three years and 29.7 per cent over five years. The five-year gains were higher for less populous towns in Ontario and the Maritimes. Calgary is one big city that has been marching to a similar tune, with the benchmark price on the rise.
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Housing prices have been declining, but 2022 wasn't catastrophic and 2023 is looking betterFrom prices to sales, 2022 wasn\u0027t a bad year for the Canadian housing market and, looking at the data, 2023 should be better. Read more here
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