Home prices in key markets softened recently, after a strong second quarter, but year-over-year prices are still up. Despite slow activity, Canada’s housing market remains stable, in stark contrast to the steep declines of 2022. Check out the Royal LePage report highlights, and for the full update, click through to their blog post.
- Aggregate home prices in greater regions of Toronto and Vancouver posted modest quarterly declines in Q3 of 2.8% and 1.8%, respectively. Meanwhile, Greater Montreal Area posted 0.6% aggregate price increase quarter over quarter
- More than half (57%) of regional markets in the report posted a quarter-over-quarter decline in Q3 as activity softened
- Diverging trends among major regions sees year-end forecast downgraded nationally and in the Greater Toronto Area, Edmonton and Regina; forecast maintained in the Greater Montreal Area (GMA), Greater Vancouver, Ottawa, Winnipeg and Halifax; Calgary is the only city whose forecast has been raised
- Royal LePage applauds federal government’s GST rebate policy aimed at incentivizing new construction of purpose-built rental housing