Mortgage expert advises homebuyers to take advantage of current market conditions, including fewer active buyers and reduced bidding wars, in strong Canadian metropolitan areas like Toronto. Interest rates at record highs and economic uncertainty may not last, so now is the time to invest in real estate.
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Royal LePage's annual real estate forecast predicts a slight decrease in Canadian home prices in 2023, with flattening and modest improvement in the market. Experts estimate the aggregate price of homes in Canada will decrease by 1% to $765,171 in Q4 2023. Toronto and Montreal single-family homes are predicted to drop 2.5%, and Vancouver homes remain the most expensive. Condo prices in Toronto and Calgary are predicted to rise by 1% and 2.5%, respectively. Edmonton has the cheapest condos at $198,281.
As we move into 2023, the real estate market is expected to continue its upward trend. Despite the challenges posed by the COVID-19 pandemic, the market has remained strong and is poised for growth in the coming year.