Real estate firm Royal LePage is forecasting the aggregate price of a home in Canada will increase seven per cent in the final quarter of 2023 compared with ...
Real estate firm Royal LePage is forecasting the aggregate price of a home in Canada will increase seven per cent in the final quarter of 2023 compared with the same period last year, downgrading its previous outlook of 8.5 per cent.
"While many Canadians have adjusted to the increased cost of borrowing, elevated interest rates continue to impact activity in markets across the country," stated the report, released Thursday. “While trading volumes in most regions remain sluggish, Canada’s housing market is on solid footing, with pent-up demand building. We don’t anticipate a material change in property prices through the remainder of the year.”
Broken down by housing type, the national median price of a single-family detached home increased 3.4 per cent to $833,600 in the third quarter, compared with the same period in 2022, while the median price of a condominium increased 3.8 per cent to $587,400.
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