With housing prices in Canada’s major cities already holding at steady highs, one of Canada’s largest real estate firms is predicting that aggregate home prices in the Greater Toronto Area (GTA) will climb by another 11 percent in the final quarter of 2023.
Royal LePage said in a housing-price forecast published on July 13 that it’s expecting average Canadian home prices to remain steady throughout the rest of most of 2023, although the firm also said it’s anticipating a “drop in activity” on the housing market because of the Bank of Canada’s recent decision to hike its overnight lending rate to 5 percent.
