With Demand Outpacing Supply, Royal LePage Adjusts Forecast Upward Following Stronger-than-Expected Start to 2023
According to the Royal LePage House Price Survey released today, the aggregate price of a home in Canada decreased 9.2 percent year-over-year to $778,300 in the first quarter of 2023. On a quarter-over-quarter basis, however, the aggregate price of a home in Canada rose 2.8% in Q1 2023.
Single-digit price gains in first quarter was driven by early return of sidelined buyer demand and continued shortage of inventory.
Vancouver post quarterly aggregate price gains of 1.3% in the first quarter.
The national aggregate home price is forecast to increase 4.5% year-over-year in Q4 2023.