Royal LePage’s Q2 2023 Home Price Update and Market Forecast

July 14, 2023 2 min. read

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 remained almost flat year-over-year in Q2 2023 (-0.7% over Q2 2022) and increased 4.0% quarter-over-quarter (second consecutive quarterly increase)
  • Aggregate price of a home in Canada in Q2 2023 sits just 5.6% below the peak reached in Q1 of last year94% of regions in the report posted quarterly aggregate home price appreciation
  • National year-end forecast updated. Prices in Q4 2023 now expected to rise 8.5% over final quarter of 2022; essentially flat over the next six months
  • Chronic shortage of housing supply, due in part to sellers’ hesitancy to list, continues to put upward pressure on home prices
  • Royal LePage urges officials to quickly increase support for more development, including affordable, purpose-built rental buildings