The average residential sale price across the country is expected to drop 3.3 per cent in 2023, but York Region is expected to buck the trend, Re/Max Canada reports.
In some markets in Ontario and Western Canada, average prices are expected to drop by 10 to 15 per cent. While the average price in the Greater Toronto Area (GTA) could decrease by up to 11.8 per cent, the average price in York is expected to rise 5.5 per cent.
According to Re/Max’s 2023 Canadian Housing Market Outlook Report, the average selling price in York in 2021 was $1,276,152. This year, the average selling price hit $1,402,294 – a year-over-year increase of about 10 per cent.
In sharp contrast to 2022, most regions analyzed in the report will experience more balanced conditions in 2023 – a trend that’s beginning to materialize in many regions. “It’s good to see the majority of markets moving toward more balanced conditions, which is typically defined by 45 to 90 days on market,” says Re/Max Canada President Christopher Alexander.
In Ontario, 57 per cent of regions are considered balanced markets, including London, Kitchener-Waterloo, Oakville, Barrie, GTA, Mississauga, Windsor, Lakelands West and Kingston. Hamilton-Burlington, Brampton and Niagara are all considered buyer’s markets, while York, Durham Region, Sudbury, Muskoka, Haliburton, Ottawa, and Peterborough and the Kawarthas favour sellers.
Other key findings included in the report: 54 per cent of Canadians believe the two-year ban on foreign investors purchasing property, which comes into effect on January 1, will increase the availability of affordable housing for local homebuyers. Seventy-three per cent believe homeownership is still the best long-term investment they can make.
