Last week Royal LePage released its Home Price Update and Market Forecast.

Key highlights from the release include:

• National aggregate home price remained almost flat year-over-year in Q2 2023 (-0.7% over Q2 2022) and increased 4.0% quarter-over-quarter (second consecutive quarterly increase)
• Aggregate price of a home in Canada in Q2 2023 sits just 5.6% below the peak reached in Q1 of last year 94% of regions in the report posted quarterly aggregate home price appreciation
• National year-end forecast updated. Prices in Q4 2023 now expected to rise 8.5% over final quarter of 2022; essentially flat over the next six months
• Chronic shortage of housing supply, due in part to sellers’ hesitancy to list, continues to put upward pressure on home prices
• Royal LePage urges officials to quickly increase support for more development, including affordable, purpose-built rental buildings