11:20 AM Jul 13, 2022
According to Royal LePage’s most recent House Price Survey, the aggregate price of a home in Canada increased 12.1% year over year to $815,000 in the second quarter of 2022. On a quarterly basis, the aggregate home price has decreased by 4.9% in the second quarter after reaching record YoY highs in Q1.
In addition to perpetual interest rate hikes, a temporary drop in demand in parts of the pricier provinces of Ontario and British Columbia have prompted the real estate brokerage to reduce its Q4 2022 price forecast to 5%. With that said, home prices are expected hold through the reminder of 2022 in the greater regions of Toronto and Vancouver. Interprovincial migration
An uneven market recovery is expected as some regions experience continued price appreciation while others soften, predicts the brokerage. coupled with economic uncertainty undermined consumer confidence and pushed buyers to the sidelines,” said Phil Soper, president and CEO of Royal LePage. “We have significantly reduced our outlook for 2022, however home prices are still forecast to end the year higher than 2021 and well above pre-pandemic norms.
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