Homebuyers Rejoice: Canadian Real Estate Prices Expected to Drop in 2023

Happy woman holding a sign that reads 'This is my happy place



The Canadian real estate market has been shifting over the last year, with home prices falling and sales activity dropping. The Bank of Canada has been raising interest rates since March 2022 to combat inflation, leading to an increase in mortgage rates and cooling off the housing sector.


The RE/MAX Canadian Real Estate Outlook for 2023 predicts a national average price decrease of 3.3% this year, making it an excellent time for homebuyers to enter the market. The report suggests that most regions will experience more balanced conditions in 2023, with over 50% of Canadian regions transitioning to balanced or buyer's markets.


Homebuyers should take advantage of this opportunity by getting pre-approved for a mortgage, working with a real estate agent, and shopping within their budget. Providing your best offer first and beefing up your down payment can also help lower payments. As the Canadian real estate industry moves closer to balance, staying informed and working with an experienced professional can help make the best decisions possible.


Contact Suhail for more information about buying or selling a home in Ottawa:


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