Increased supply and slowing sales push Greater Vancouver toward balanced market for the first time in more than two years
Key highlights from the release include:
- Royal LePage reduces national home price forecast to +5.0% in fourth quarter of 2022; expects home prices to hold relatively flat through the second half of the year in greater regions of Toronto and Vancouver. Greater Montreal Area expected to see continued price appreciation.
- National aggregate home price increases 12.1% year-over-year in second quarter of 2022; decreases 4.9% quarter-over-quarter.
- An uneven market recovery is expected as some regions experience continued price appreciation, while others soften.
- Interprovincial migration to affordable real estate markets supports home price growth in Alberta, Prairies and Atlantic Canada.
- Royal LePage cautions policy makers that growing inventory is masking an acute urgency to solve Canada’s housing supply crisis.