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Canadian home prices expected to fall 3.3% in 2023: Re/Max report

TORONTO — A new report predicts average home sale prices in sa¹ú¼Ê´«Ã½ will fall 3.3 per cent next year with the biggest declines expected in Ontario and Western sa¹ú¼Ê´«Ã½ where some markets may see prices fall 10 to 15 per cent.
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An aerial view of housing in Calgary is shown on June 22, 2013. THE CANADIAN PRESS/Jonathan Hayward

TORONTO — A new report predicts average home sale prices in sa¹ú¼Ê´«Ã½ will fall 3.3 per cent next year with the biggest declines expected in Ontario and Western sa¹ú¼Ê´«Ã½ where some markets may see prices fall 10 to 15 per cent.

The report by Re/Max sa¹ú¼Ê´«Ã½ made the forecast using surveys of brokers and agents from across the country. Home prices in sa¹ú¼Ê´«Ã½ have fallen this year as the real estate market has cooled amid higher interest rates that have increased the cost of mortgages for borrowers.

Re/Max says 60 per cent of housing markets in sa¹ú¼Ê´«Ã½ are expected to be in a balanced position in 2023, however some markets are expected to see larger moves in prices.

Prices in Kelowna, sa¹ú¼Ê´«Ã½, Nanaimo, sa¹ú¼Ê´«Ã½, and Durham, Ont., are predicted to drop 10 per cent in 2023, while prices in Barrie, Ont., are expected to fall 15 per cent.

Prices in the Greater Toronto Area are estimated to fall 11.8 per cent, while Greater Vancouver is expected to decline 5.0 per cent.

Meanwhile, Calgary is expected to see a 7.0 per cent increase in sale prices and Edmonton is forecast for a 3.0 per cent gain. Halifax is expected to gain 8.0 per cent.

This report by The Canadian Press was first published Nov. 29, 2022.

The Canadian Press