The RE/MAX 2023 Fall Canadian Housing Market Outlook Report leverages data provided by RE/MAX brokers and agents and sourced from CREA and local real estate boards. It states that while Canada grapples with the highest interest rates it’s seen in decades, RE/MAX Canada brokers and agents across the country are reporting that both the interest rate climate and lack of inventory are likely to result in a softer market this fall. The national average residential sale price across all home types is expected to remain flat, with no change anticipated between now and the end of the year.
Based on RE/MAX’s insights, 44% of housing markets in Canada are expected to be sellers’ markets in 2023, while the rest are anticipated to experience a market mix between balanced, buyers, sellers/balanced and buyers/balanced, depending on location in the specific region.