In the past couple of years, the Canadian real estate market has seen a dramatic rise in housing, this can be shown by the average house price being just under $600,000 and then growing to above $800,000 in September 2021.
2023 will give a slight decrease but will still not be affordable for the average buyer. The Canadian market is showing mortgage and interest rates will continue to be high. Canada's rent prices will continue to stay high making it difficult to afford to rent. In Canada, fewer buyers are willing to complete sales because of the high mortgage and interest rates. The Canadian housing market has shown a heavy increase throughout 2022. In conclusion going into 2023 many Mortgage owners and renters still avoid completed sales. The housing market will see a decrease but will stay unaffordable for most Canadian buyers.
