Royal LePage says it now expects the aggregate price of a home in Canada in the fourth quarter of this year will be up 5.0% compared with the same quarter in 2021
Royal LePage is cutting its expectations for the growth in home prices this year after it says prices in the second quarter fell compared with the first three months of the year.
The forecast is down from an April estimate for a 15.0 per cent year-over-year increase for the fourth quarter. In its house price survey, Royal LePage says the aggregate price of a home in Canada in the second quarter was $815,000, up 12.1 per cent compared with a year ago. However, it was down 4.9 per cent compared with its record high in the first quarter of this year.
“Some of the heat that was driving the market cooled during the quarter as rising interest rates coupled with economic uncertainty undermined consumer confidence and pushed buyers to the sidelines,” Royal LePage CEO Phil Soper said in a statement.
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