By Emily Senyk
RE/MAX experts lend their local market insights and expectations for the year ahead.
The majority of Canadian housing markets balancing out, with 60 per cent anticipated to be balanced markets in 2023.
2023 Market Conditions
2023 Average Price
2022 Average Price
(Jan 1 – Oct 31)
Market conditions in the Winnipeg housing market are expected to fluctuate, with a buyer’s market early in 2023 before returning to balance. Move-up and move-over buyers continue to drive demand in the region, with single-detached homes remaining the dominant housing type in the region – trends that are both expected to intensify in 2023. Rising interest rates are expected to continue placing pressure on affordability and pre-approval amounts in 2023. Winnipeg is experiencing an increase in joint family and multi-generational family ownership attributed to ongoing affordability challenges. The condo market is in line with the changes experienced in the overall market.
Canadian Housing Market Trends
Amid rising interest rates and a looming recession, RE/MAX is anticipating a modest decline of 3.3% in average residential sales price across the Canadian housing market in 2023. In sharp contrast to 2022, 60% of regions analyzed are expected to experience balanced market conditions in 2023 – a trend that’s already materializing due to current economic conditions.
WE SURVEYED CANADIANS. HERE’S WHAT THEY SAID:
- Consumer confidence: 73% of Canadians believe home ownership is the best long-term investment they can make. This is up from 49% in 2021.
- Interest rates: 45% of Canadians are concerned that further interest rate hikes will impact their ability to buy or sell a home in 2023.
- Ownership in Canada: 60% of Canadians surveyed said they own their home. 17% don’t own, but expect to in the future.
- Affordability: 64% of Canadians would move for an affordable home; but 50% wouldn’t go farther than 100 km. (RE/MAX 2022 Housing Affordability Report)
- Economy: 50% of Canadians said taxes are their biggest concern when buying a home in the next 5 years. (RE/MAX Unlocking the Future Report)
- Environment: 57% of Canadians believe climate change / weather-related events will impact where they choose to live in the next five years. (RE/MAX Unlocking the Future Report)