The Royal LePage Home Price Update and Market Forecast, distributed each quarter, includes price data and insights from experts in 62 real estate markets across the country, as well as national and regional forecasts.
Key highlights from the release include:
- National aggregate home price down 2.8% in Q4 2022 vs. the prior year; first year-over-year decline recorded in more than a decade
- Prices remain above pre-pandemic levels: Canada’s Q4 2022 national aggregate home price has appreciated 13.8% vs. Q4 2020, and 17.2% vs. Q4 2019
- Greater regions of Toronto and Vancouver record year-over-year aggregate price declines of 4.6% and 3.5% respectively in Q4 2022, while the Greater Montreal Area posts a gain of 2.2% in the same period
- Less than 1% of all homes in Canada were purchased during the peak price period of February and March, 2022