RE/MAX Canada anticipates a modest decline in home sale prices across the country next year.
In its 2023 housing market outlook, the real estate agency expects prices to drop by an average of 3.3 per cent.
At the same time, the majority of housing markets are anticipated to move 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,” Christoper Alexander, president of RE/MAX Canada, said in a news release.
The price drops are expected to be even greater in New Brunswick’s three largest cities, where home prices have risen between 18 and 21 per cent over the last year.
Prices are expected to go down around 3.5 per cent in Saint John and Fredericton, and five per cent in Moncton.
Overall home sales in the three cities are expected to drop by between six and eight per cent compared to this year.
RE/MAX Canada says all three markets are anticipated to continue favouring sellers rather than moving toward more balanced conditions.
“We’re confident that as economic conditions improve and the market continues to even out into Q3/Q4 2023, a more-regular pace of activity will resume,” said RE/MAX Canada executive vice president Elton Ash.
Elsewhere in the Maritimes, Halifax and St. John’s are expected to see average residential sale prices rise between four and eight per cent, while sale prices are anticipated to remain unchanged in Charlottetown.
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