m city condos.Canadian house prices are expected to fall by another 140000 next year! A new report predicts that average home prices in the Greater Toronto area (GTA) will fall by more than 140000 yuan in 2023.Please Visit: m city condos to Get Your VVIP Registration Today!
After rising 11 per cent between 2021 and 2022, house prices in Toronto are expected to fall back to 2021 levels or lower in 2023, according to the data.
In addition, average home sales in GTA are expected to fall 11.4% next year, and the real estate market will be in balance throughout 2023.
“We expect market activity to return to a more regular pace as economic conditions stabilize in the second half of 2023,” said Elton Ash, executive vice president of RE/MAX Canada.
The report lists several major trends affecting the GTA housing market in 2023, including rising home loan interest rates and related price adjustments, rising unemployment as a result of the economic slowdown, and new market participation opportunities for buyers and sellers as a result of increased affordability. Buyers will enjoy lower prices and more market options, while sellers will gain the advantage of trade-in and greater ability to move to the suburbs.
The groups seriously affected are first-time buyers, and many may choose to suspend viewing because they cannot afford it.
The luxury housing market will also feel obvious pressure and will continue to cool down in 2023 under heavy market pressure.
In addition, higher interest rates may also delay GTA’s new construction projects as the gap between market prices and construction costs widens.
RE/MAX Canada predicts that the average selling price of a house nationwide will fall by 3.3% in 2023.
Based on current market conditions, more than 60% of Canadians choose to stay put and have no plans to buy or sell homes in early 2023, and 15% are considering moving to another province to find more affordable housing, the report said.
“Canadians are understandably hesitant to enter the market in early 2023,” said Christopher Alexander, president of RE/MAX Canada. Still, more Canadians see real estate as a reliable long-term investment than in the same period last year. Local governments must work together to meet supply challenges so that more people can own their own homes. ”
The Canadian housing market experienced ups and downs in 2022 and has been plummeting since its peak in February. Towards the end of the year, Re/Max, a property company, predicts that the national property market will return to “equilibrium” next year, with prices continuing to fall in some areas but rebounding in some areas.
According to Global News, Christopher Alexander, chairman of the company, said the market will also balance when the central bank suspends raising interest rates or returns to a more normal rate increase next year. But how the central bank will raise interest rates determines when buyers and sellers will return to the market.
According to Re/Max ‘s 2023 housing market outlook report released on Tuesday, house prices in Canada next year will be a further 3.3 per cent lower than the average selling price in 2022.
Judging from the situation in various regions, Ontario and western Canada will fall further. In particular, there will be significant declines in some cities in Ontario. For example, house prices in many districts will fall by another 11.8%. Mai Barrie will fall by 15%, and Tulane by 10%.
House prices are also expected to fall further in parts of BC province, such as greater Vancouver by 5 per cent. Kelowna and Nanaimo will each cut prices by 10 per cent.
However, the property market in the Atlantic provinces and parts of the province will grow in 2023.
House prices in Calgary, for example, are expected to rise by 7%. The average selling price of Halifax is expected to rise by 8% next year.