National Year End Forecast Downgraded Modestly Following Sluggish 3rd Quarter

Third quarter highlights:

• Aggregate price of a home in Canada expected to increase 7.0% in Q4 2023 compared to same period last year, a slight decrease from the previous forecast of 8.5%
• National aggregate home price increased 3.6% year over year in Q3 2023, decreased 0.8% on a quarter-over-quarter basis
• Aggregate home prices in greater regions of Toronto and Vancouver posted modest quarterly declines in Q3 of 2.8% and 1.8%, respectively. Meanwhile, Greater Montreal Area posted 0.6% aggregate price increase quarter over quarter
• More than half (57%) of regional markets in the report posted a quarter-over-quarter decline in Q3 as activity softened
• Royal LePage applauds federal government’s GST rebate policy aimed at incentivizing new construction of purpose-built rental housing