The housing market has been on the rise and as of now the prices for homes are still very high. Here are a few predictions for 2023.

Average Housing Prices

According to a report from Desjardins, the predictions for 2023 housing is that by the end of the year, the average price for a home will drop by 25%.

Crash of the Market

Since January of 2022, house prices fell 4% each month leading up to July. The housing sales will slowly drop all the way to close off 2023. It is also estimated that the Bank of Canada policy interest rate will reach 3.25% late in this year.
 

According to a recent blog from RE/MAX, they believe that the Toronto real estate market won't change or go down in price. This is not the best news for people looking to buy a home in Toronto as they were expecting a dip, but it is good for people looking to sell their houses.

Real estate agents believe that the housing market for Canada will increase by 2.2% during this fall. This is happening due to the high inflation, rising interest rates and economic uncertainty.

The bank says it's time to help renters

The wealth gap between owners and renters is fairly large and it continues to widen. TD bank states that the government needs to step up and do something about this. A Canadian report shows that the average net worth of homeowners born in 1955 to1964 was $1.2 million more than non-homeowners.

As of late, home prices have fallen but rentals are increasing very quickly. TD bank says that there should be more property where people are renting. They also say that the pricing for buyers should be reassessed and the renters should get more help saving and generating more wealth.

What do you think will happen to the real estate market in 2023?

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