Realtor Royal LePage is forecasting that the average home price in Canada will decline 1% to $765,171 by the end of 2023.
Royal LePage said it expects prices to drop in the first half of next year before increasing slightly in the second half 2023.
The real estate company is estimating that the median price of a single-family detached home will fall by 2% to $781,256 and condominiums will slide 1% to $568,933 by the end of next year.
Royal LePage said its forecast is based largely on declining affordability in Canada’s housing market, which has been exacerbated by rising interest rates on mortgages.
The realtor expects homes in Greater Vancouver to remain the most expensive in Canada, dipping only 1% in 2023 to an average price of $1.2 million.
Regina, Saskatchewan is forecast to remain the most affordable housing market in Canada, with the average home price dropping 1.5% in 2023 to $361,495.
