While Canada grapples with the highest interest rates it’s seen in decades, RE/MAX Canada brokers and agents across the country are reporting that both the interest rate climate and lack of inventory are likely to result in a softer market this fall. The national average residential sale price across all home types is expected to remain flat, with no change anticipated between now and the end of the year.
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REPORT HIGHLIGHTS
- Average residential price is softening; outliers include larger markets where prices are expected to rise, such as Greater Toronto Area, (+2.5%), Calgary (+4.5%) and Sudbury (+5%).
- 33% of Canadians interested in buying/selling a home in the next 12 months will wait and see how interest rate changes play out.
- Lack of affordable housing inventory leading 55% of Gen Zs and 49% of Millennials to change their housing plans.
REGIONAL MARKET TRENDS
Based on RE/MAX broker and agent insights, 44% of housing markets in Canada are expected to be sellers’ markets in 2023, while the rest are anticipated to experience a market mix between balanced, buyers, sellers/balanced and buyers/balanced, depending on location in the specific region. Learn more about what to expect in your housing market by viewing the interactive report on remax.ca and clicking your region's icon.
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