There’s no denying that home prices have softened considerably throughout the year. And they likely won’t rise any time in the near future. Royal_LePage | realestate realestatenews housingmarket
released today, the aggregate price of a home in Canada increased 3.3% year over year to $774,900 in the third quarter of 2022. On a quarterly basis, however, the aggregate price of a home in Canada decreased 4.9%, the second consecutive quarterly decline recorded. A majority of the Canadian markets experienced quarterly declines in the third quarter. Of the report’s 62 regions, only four markets posted a quarterly aggregate home price increase in the third quarter .
This forecast has been revised downward from the previous quarter. The revision reflects an expected flattening or modest decrease of prices throughout the remainder of the year, according to the report.“September did not bring the typical seasonal lift in the number of homes trading hands in this country, a clear indication that our housing market continues to adjust to higher borrowing costs,” said Phil Soper, President and CEO of Royal LePage.
“Home sales volumes have fallen in the face of economic uncertainty and rising rates, but so too have the number of properties available to purchase. With demand and supply falling in tandem, there is limited downward pressure on prices. Canadian home values should end the year well above pre-pandemic levels, retaining much of the gains made during the real estate boom of 2020 and 2021,” said Soper.
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