Q1 2023 Market Update

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With demand outpacing supply, the housing forecast focuses on an upward trend following stronger-than-expected start to 2023

  • Single-digit price gains in the first quarter of 2023 driven by early return of buyer demand and a continued shortage of housing inventory
  • National average home price up 2.8% quarter-over-quarter in Q1 2023; down 9.2% over same period in 2022
  • Greater regions of Toronto average price gains of 4.8% in the first quarter
  • On a quarter-over-quarter basis, the national average home price is expected to continue rising modestly but steadily over the next nine months.

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