In July, Royal LePage said home prices were expected to hit $1.15 million. Now it’s $1.08 million — a drop of more than $72,000.
Royal LePage forecasts home prices will drop by 3.5 per cent in the fourth quarter of 2022 — readjusting a prior forecast in its July 2022 report which showed home prices increasing by at least three per cent.
“We will not see property values increase again for the rest of the year,” said Phil Soper, president and CEO of Royal LePage. “The GTA has seen two quarterly declines in a row. We’re clearly paying back for those excesses seen in the pandemic.” “We see people continuing to wait on the sidelines,” Soper said. “There’s this standoff taking place.”
Often, homebuyers are pre-approved for a mortgage — a borrower secures a rate for typically 90 to 120 days, while shopping for a home. That means if someone was pre-approved in July when the average five-year fixed rate was below four per cent, they will not be hit with the higher borrowing costs as rates are now more than five per cent.
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