From an aggregate price of $809K to the market correction, report looks at real estate trends in Canada
CTV
A new report has found that buyer demand for homes is remaining strong in Canada despite borrowing rate hikes — and the market may be stabilizing after the pandemic boom.
A new report from real estate company Royal LePage has found that buyer demand for homes is remaining strong in Canada despite borrowing rate hikes — and the market may be stabilizing after the pandemic boom.
Real-estate company Royal LePage released its latest House Price Survey report on Thursday, which predicts the market may be close to recovering from pandemic ups and downs.
However, the report noted that an ongoing housing shortage in the country will continue to be a problem, advising that governments step up to spur on more development, particularly in affordable housing.
According to the report, the aggregate price of a home in Canada remained almost flat compared to last year in the second quarter of 2023, dropping just 0.7 per cent to $809,200.
Real estate experts believe that this very slight decrease signals the market may be close to recovering from 2022's post-pandemic market correction. However, the second quarter actually saw an increase compared to the previous quarter, rising by four per cent.
Compared to the peak of pricing last year, in the first quarter of 2022, the aggregate pricing of a home now sits 5.6 per cent lower.
Prices are set to remain relatively flat for the next six months, and then spike in the final quarter of 2023 around 8.5 per cent higher than the final quarter of 2022.
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