The 2023 Royal LePage Market Survey Forecast is published annually and includes year-over-year price forecasts and insights from experts in nine major markets across the country, as well as a quarter-over-quarter national aggregate home price forecast for 2023.
Key highlights from the 2023 Market Survey Forecast:
- On a quarter-over-quarter basis, prices expected to flatten in Q2 and begin modest improvement in second half of the year, ending 2023 on upward trajectory; release includes national aggregate quarterly forecast for 2023
- Condominium prices expected to outperform single-family homes in all major markets except Edmonton and Winnipeg
- Greater regions of Toronto and Montreal forecast to see Q4 2023 aggregate price decline of 2.0% year-over-year
- Q4 2023 aggregate home price in Greater Vancouver projected to dip 1.0% year-over-year
- Despite declining affordability, heightened by rising interest rates, continued housing supply shortage acts as a floor on home price declines