. This marks a sharp contrast to 2022, notes the report. “Most regions analyzed in the report will experience more balanced conditions in 2023 — a trend that’s already starting to materialize in many regions as a result of current economic conditions,” it reads.
The notoriously pricey Ontario and Western Canada will see the biggest price declines; here, some markets could see average residential sale prices drop by 10 to 15%. “It’s good see the majority of markets moving toward more balanced conditions, which is typically defined by 45 to 90 days on market. This is a much-needed adjustment from the unsustainable price increases and demand we saw early in 2022,” says Christopher Alexander, President, RE/MAX Canada.
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