Royal LePage trims year-end price forecast after sluggish third quarterWhile many Canadians have adjusted to the increased cost of borrowing, elevated interest rates continue to impact activity in markets across the country, keeping some buyers and sellers stuck on the sidelines. During the third quarter, inventory rose and sales activity softened, although this did not necessarily translate into steep price declines. Canada’s chronic shortage of housing supply is keeping property prices relatively stable.
“With activity slowing, home prices softened in some of our major markets over the last three months, following a stronger-than-expected second quarter. Prices remain up on a year-over-year basis, with today’s stable market standing in sharp contrast to the steep declines experienced in the third quarter of 2022,” said Phil Soper, president and CEO of Royal LePage. “While trading volumes in most regions remain sluggish, Canada’s housing market is on solid footing, with pent-up demand building....