A new report predicts average home sale prices will fall 3.3% next year with the biggest declines expected in Ontario and Western Canada.
The report by Re/Max Canada made the forecast using surveys of brokers and agents from across the country. Home prices in Canada have fallen this year as the real estate market has cooled amid higher interest rates that have increased the cost of mortgages for borrowers.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Prices in Kelowna, B.C., Nanaimo, B.C., 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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Residential Prices Will Decrease by 3.3% in 2023: RE/MAX CanadaRE/MAX expects 60% of regions in Canada to be balanced markets in 2023. REMAXca | realestate realestatenews Canada housingmarket housing
Read more »
Real estate in 2023: Re/Max forecasts 3.3% decline in home prices - BNN BloombergCanada’s housing market is expected to show more balanced activity in 2023, with home prices forecast to decline in the country's priciest regions, a Re/Max report shows.
Read more »
Kingston Police’s 2023 draft budget has spending increase of 3.5% - Kingston | Globalnews.caThe Kingston Police draft budget has a 3.5 per cent spending increase. That is about double the increase allowed for external agencies by the City of Kingston.
Read more »
Courtney LaBelle sentencing hearing set for April 2023Read the full story and comment on Tbnewswatch.com
Read more »
The Louis Vuitton 2023 Cruise Collection Features Battle-Ready GarmentsAnnika Lautens discovered that clothing was the perfect emotional armour for attending the 2023 LVCruise show, where battle-ready garments blended past and future.
Read more »
Investors hope Beijing will lift COVID curbs faster as protests douse marketsChina bonds, stocks have suffered hefty outflows in 2023
Read more »