Royal LePage’s Q2 2023 Home Price Update and Market Forecast
Home prices expected to hold steady through remainder of 2023, despite anticipated drop in activity following second consecutive increase to BoC’s overnight lending rate. Here are some of the highlights from the Royal LePage report, and click through to read the whole update on their blog post.
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 year
94% 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