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Home Cost & Sales Expected To Dip In 2023

By Katie Nicholls Dec 2, 2022 | 10:43 AM

Mark Moz / CC

Next year could see a dip in the cost of buying a home.

Re/Max Canada is making that prediction for 2023 in a Leger survey that was commissioned by the real estate company.

Both Ontario and Western Canada are expected to see declines in housing prices by 10-15 per cent, according to their data.

In Thunder Bay, the average home in 2021 cost $315, 416. In 2022, that price jumped up by 13 per cent to more than $350k.

However, their prediction for 2023 prices estimates that the cost of buying a home will go down by five per cent.

The number of homes being sold decreased from 2021-22. Last year, 1,224 residential homes were sold but this year only 1,168 changed hands.

A majority of Canadians, 73 per cent, still say that owning a home is the best long-term investment that can be made.


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