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RE/MAX predicts home sales to drop 2.2 per cent this fall

The report states that Ottawa's housing market is expected to "regain balance in 2023, albeit with low inventory continuing to place upward pressure on prices."
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RE/MAX Canada's 2022 Fall Housing Market Outlook Report shows that brokers and agents are anticipating the national average residential sale price in the country is going to to decline 2.2 per cent in the final months of the year

In a survey of RE/MAX brokers and agents, 25 out of 30 said rising interest rates have affected activity in their local residential market this year, with some indicating that this has been the biggest factor impacting homebuyer and seller confidence – a trend that is likely to continue for the remainder of 2022.

These insights are supported by a new Leger survey commissioned by RE/MAX Canada, which reveals that 44 per cent of Canadians agree that rising interest rates are compelling them to hold on buying a property this fall, while 34 per cent say they won't hold.

Prices are projected to fall two per cent in Ottawa between September and December, while the number of homes sold is expected to drop three per cent.

According to the report, the average residential sale price in Ottawa dropped 1.1 per cent through the first eight months of 2022 compared to last year. The average residential sale price in Ottawa from Jan. 1 to Aug. 31 was $550,993.75, compared to $557,314.63 over the same period in 2021.

The report states that Ottawa's housing market is expected to "regain balance in 2023, albeit with low inventory continuing to place upward pressure on prices."

Bucking the downward trend, seven out of 30 markets analyzed are likely to experience modest price appreciation between 1.5 and seven per cent. Meanwhile, RE/MAX brokers and agents expect a decline in sales this fall, in 18 out of 30 markets surveyed.

More information can be found here

 

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