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Royal LePage's Q3 2022 Home Price Update and Market Forecast
Blog by Patrick O'Donnell PREC* | October 13th, 2022
National home price forecast 2022 reduced to end year slightly below 2021 levels, following quarterly declines across Canada in Q3. Report Highlights: National aggregate home price for the final quarter of the year forecast at -0.5% compared to Q4 of 2021, giving up gains made early in 2022; National aggregate home price increased 3.3% year-over-year in third quarter of 2022; decreased 4.9% quarter-over-quarter; Prices remain well above pre-pandemic levels; Canada’s national aggregate home price increased 25.4% in Q3 over the same quarter in 2020, and 21.5% over the same quarter in 2019; 58 of the report’s 62 regional markets posted quarterly aggregate home price declines in Q3; Prices decline on a quarterly basis in Greater Montreal Area for the first time in more than five years as market activity drops, following trend set in greater regions of Toronto and Vancouver in Q2; Major markets in Atlantic Canada and the Prairies show modest quarterly price declines in Q3; Calgary and Edmonton markets faring better than other major cities
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