National home prices close out 2023 above prior year, despite continued slowdown in market activity.
Royal LePage expects sidelined buyers to re-engage this quarter ahead of expected rate cuts by the Bank of Canada.
Fourth quarter highlights:
National aggregate home price increased 4.3% year over year in Q4 2023; decreased 1.7% quarter over quarter
Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023
Among report’s major regions, Calgary recorded highest year over year price appreciation (10.7%); only major region to post quarterly price gains in Q4 2023 (1.5% over Q3)
81% of regional markets posted a quarter-over-quarter decline
Approximately 2.2 million mortgages in Canada will be renewing over the next two years, most at a much higher interest rate
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