top of page
Search

Experts Predict How The Housing Market Will Behave In 2023

  • LendX Financial
  • Feb 6, 2023
  • 2 min read

Prospective buyers have been seen complaining about the pace of Canada’s real estate market in the past few years. Will things change in the New Year 2023? Let us take you through some forecasts and expert predictions to give an insight into what lies in the year ahead. The current scenario is that prices have been on the decline with us witnessing fewer bidding wars (and hence no unconditional offers), and experts are hoping that Bank of Canada’s quick interest rate hikes which have shot up the monthly mortgage payments, will slow down. While all this looks good, Economists have worrisome news, with some of them predicting a recession for Canada in the New Year, though no bets are being laid on the severity of this recession.

Even though Douglas Porter, chief economist at BMO Capital Markets is betting on a 25 to 30 per cent chance that Canada may be able to barely avoid the recession, but he doesn't outrightly deny the possibility of a recession. The less severe the hit on the economy, the better it will be for the housing market. Even then, according to Porter, the housing market is one of the weakest components of the economy at this point. Porter further predicted that at the end of the current economic cycle, home prices would see a downward trend and the fall would be between 20 to 25 per cent. As per Canadian Real Estate Association, for the month of December 2022, the national average home price has witnessed a 12 per cent decline in comparison to the same month last year.

Porter further spoke about the wariness of the sellers as well as the buyers. Sellers do not want to list their properties for sale just yet as they feel they will not get prices similar to what their neighbours sold for in the previous year. On the other hand, buyers too are sitting tight waiting for better rates. Any decreases have been overshadowed by the quick succession of rate hikes by the Bank of Canada which is currently at 4.25 per cent. This is the highest rate since January 2008.

Whatever the year brings, it is very hard to pinpoint as the analysts are also worried about the unpredictable nature of the pandemic. 'Is it over yet?'

If you are looking to buy a house in Canada and need a guiding hand on any aspect related to buying a home and mortgage-related issues or have questions or doubts, do contact us at LendX Financial in Brampton, Greater Toronto Area.

 
 
 

Comentários


Featured On

MortgageBrokerNews-Logo.png
MarketWatch-Logo.png
Fox34-Logo.png
TheTimes-Logo.png
DigitalJournal-Logo.png

Our Clients Say Great Things About Us

Kamal

Extremely knowledgeable and professional. Great service and on top of their game. Overall great experience and exceeded my expectations! Highly recommended!

Jose

Great job and thank you to the Lendx team... getting the right mortage for our first home.Highly recommended for first time buyers.

Ismat

I had a very good experience with them regarding my mortgage. They are very professional and have in-depth knowledge. They gave me the right advice and promptly communicated to me all the way during my mortgage approval. I would highly recommend them.

Akash

Had a great experience working with LendX. They were very professional, fast, efficient and knowledgeable. So comforting to have a professional assist you through the whole mortgage process. Excellent service.

Major K

Everyone at LendX Financial is very knowledgeable and up to date with market trends! The only words you’ll hear from them are “Approved”! Best spot in town to get approved for a loan/mortgage or for any investment advice!

LendX Financial
Mortgage Broker License # 13090

mortgage_professionals_canada_icon_lendx

Address

690 Dorval Drive, Suite 200

Oakville ON L6K 3X9

2 County Court Boulevard, Suite 333

Brampton ON L6W 3W8

Contact

unnamed.png

Follow

  • LendX Financial Facebook
  • White Instagram Icon
  • LendX Financial LinkedIn

© 2024 by LendX Financial

Created with ❤️ by UPMYSITE

bottom of page