It’s no secret by now that house prices in Canada are changing rapidly, and if you’re wondering what 2023 has in store, a new report by RE/MAX Canada can provide some answers.
The RE/MAX’s 2023 Canadian Housing Market Outlook Report predicts that residential house prices will decrease by 3.3% nationwide next year.
Some areas will be more affected than others. House prices are set to drop dramatically in Ontario and Western Canada and rise sharply in Atlantic Canada.
Here’s what average house prices are set to look like in cities all over Canada, based on the report.
Greater Toronto Area
It’s believed by the experts that house prices in Ontario will drop significantly come next year. In fact, the province will see the “biggest price declines across the country.”
In the GTA specifically, sales could decrease as much as 11.8% in 2023, leading to an estimated average sale price of $1,061,853.91 across the region.
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Durham Region
Also set to experience a big price decline in 2023 is Durham region, which consists of Oshawa, Pickering, Ajax, and Whitby.
RE/MAX predicts that sales will decrease by 10% in Durham, with a 2023 average price of $935,303,40.
Calgary
In Calgary, the market is “expected to shift into seller’s territory in early 2023,” says the report.
However, on the whole, first-time buyers will continue to drive up demand in the city, leading to an overall sale increase of 12% in 2023.
This means that the average house prices in Calgary will climb to an estimated $704,356.39 next year.
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Edmonton
Because average household incomes in Edmonton are higher than in the rest of the country, the city is expected to “weather the recession well,” according to RE/MAX.
Plus, new residents from other provinces are fuelling the demand for housing.
However, sales are still expected to go down by 2% in 2023, leading to an estimated cost of $413,055.75.
Vancouver Area
Vancouver will also experience price declines in 2023, with a continued drop in condo pricing. The region will remain a balanced market until at least spring.
Overall, the Greater Vancouver Area will see sales decrease by 20% in 2023, and an estimated average home price of $1,203,774.45.
