Royal LePage forecasts prices will rise 5% in 2022, compared to its previous forecast of 15%. Find out more.
Royal LePage is lowering its outlook for home prices this year after aggressive Bank of Canada interest rate hikes and high inflation hit the housing market more than it expected.
Dampened buyer demand in portions of the key Ontario and British Columbia markets hit overall price gains, after the Bank of Canada came in stronger on rate hikes than anticipated. Meanwhile, cost of living increases stoked by rising inflation forced some to put their home purchasing plans on hold. Though prices are expected to stay flat across Toronto and Vancouver for the remainder of the year, it’s a different story in other markets. Prices will likely keep climbing in Montreal, the brokerage said. It expects prices to rise there by 12.5 per cent in the fourth quarter, compared to the same time last year. Prices are also expected to continue their upward march in Ottawa, Calgary, Edmonton, Halifax, Winnipeg and Regina.
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