With demand outpacing supply, Royal LePage adjusts forecast upward following stronger-than-expected start to 2023.
Royal LePage is forecasting that the aggregate price of a home in Canada will increase 4.5% in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast has been revised upward to reflect an earlier-than-expected boost in activity in Canada’s major housing markets.
“Coming out of a correction, it is common to underestimate the speed at which the market will turn itself around. As market activity is rebounding quicker than anticipated, we are looking ahead with a sense of cautious optimism,” noted Soper. “While we do not expect huge price gains this year, some sense of normalcy is returning to the market.”
Following activity levels in the first quarter of 2023 that surpassed the Company’s expectations – a vigorous return of buyer demand coupled with ultra-low housing supply conditions – Royal LePage has adjusted its quarterly forecast for the remainder of the year.
On a quarter-over-quarter basis, the national aggregate home price is expected to continue rising modestly but steadily over the next nine months.
For more details scroll through the Royal LePage 24 page House Price Survey…..
JuneConway HousePriceSurvey Q1 2023 RoyalLePageSueex