RE/MAX Housing Market Outlook For 2023

RE/MAX's housing market outlook for 2023 compiles data from cities across the country in order to provide buyers with a thorough prediction of trends in Canada's housing market for the upcoming year. Some key takeaways include:

• An average decline of 3.3% in residential sales prices across the country is expected.
• 73% of Canadians agree that homeownership is the best long-term investment strategy
• The highest rates of price growth are expected to occur in Atlantic Canada

Additionally, the Government of Canada plans to accept 465,000 new permanent residents in 2023 (followed by 485,000 in 2024 and 500,000 in 2025). These new residents (the majority of which can be expected to concentrate in the Greater Toronto Area and other major metropolises) will undoubtedly be looking for new housing, which will increase levels of demand for residential real estate.

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Insights for Ontario

While an overall price decline is expected for the province, markets such as Oakville, Hamilton, Burlington, Brampton, Ottawa, Mississauga, Muskoka, Niagara, York Region, Peterborough, Kingston and the Kawartha Lakes are expected to see increases in average selling prices. Of these, Hamilton, Burlington, Brampton, Mississauga and Niagara most strongly favor buyers, while Durham Region, York Region, Ottawa, Peterborough and the Kawartha Lakes are better for sellers.    

For a closer look at the current outlook of the GTA's housing market, click the links below:

 

This guide is for general informational purposes and does not constitute legal, financial, or tax advice. Every situation is different — always consult a licensed real estate professional, lawyer, and tax advisor before making any decisions.

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Frank Merigliano, Team Leader / Sales Representative, VIP Condos Toronto, RE/MAX PREMIER INTERNATIONAL INC., Brokerage — licensed since 1993, with RE/MAX since 1995, and a Top 50 RE/MAX team in Canada since 2015.