Previous Market Activity

The anti flipping tax went into effect, to ensure profits from sales on residential properties are subject to full taxation. Additional rules and regulations apply.

Foreign buyers ban went into effect to stop the purchase of residential property from non Canadian citizens.

Sales to new home listings increased to 50.7% with the standing average being 55.14%.

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Current Position

The HPI (home price index) has decreased by 1.9% within January 2023.

New listings are increasing while sales are decreasing

The quantity of new home listings picked up by 3.3% month over month in January 2023.

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Forecast

We are expected to see a downward trend throughout 2023.

The housing prices within Canada are expected to decrease by 11%.

Home sales are expected to decrease by 16%.

The Canadian housing market is expected to bottom out by the end of 2023, at a rate 20% lower than the pre-pandemic levels.

Within 2024 there will be a market rebound where housing prices will increase by 6% and sales will increase by 19%.

Overall a calmer real estate market is expected over what was seen in 2022.

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Source

Marco Santarelli, February 3rd, 2023, Canada Housing Market Forecast, February 21st 2023

Rishi Sondhi, February 15th 2023, Canadian Existing Home Sales, February 21st 2023

NA / February 15th 2023, Canadian Home Sales Begin at 14 year-low, February 21st 2023