Real estate in 2023: Re/Max forecasts 3.3% decline in home prices - BNN Bloomberg

Canada’s housing market is expected to show more balanced activity in 2023, with home prices forecast to decline in the country's priciest regions, a Re/Max report shows.

Re/Max brokers and agents are expecting 60 per cent of Canada’s housing market to return to balanced activity next year, with an average 3.3 per cent drop in home prices, the report released Tuesday shows.The slowdown in housing will be fuelled by rising interest rates and the risk of a recession, it states. The largest home price declines are expected in the Greater Toronto Area and the Greater Vancouver Area .

This is a much-needed adjustment from the unsustainable price increases and demand we saw early in 2022,” says Christopher Alexander, president, RE/MAX Canada in a statement. Home prices in Atlantic Canada are forecast to rise. In Halifax, prices are predicted to climb by eight per cent in the coming months.Calgary is also forecast to turn into a sellers market, with home prices expected to rise seven per cent in 2023, driven by first-time homebuyers, the report states.

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