2023 Real Estate Forecast - Niagara Region Market

Dated: December 22 2022

Views: 220

Real Estate Forecast for 2023

With the official close of 2022, it is very good to answer the age-old question "What really happened this past year?"

Inflation had a big impact on the increase in pricing. With a looming recession predicted, RE/MAX Canada is anticipating declining residential home prices. While some markets such as the GTA is forecasted to see a decline, Niagara is gearing up to see approximately a 2-8% increase. 

According to RE/MAX, in 2022, over 80% of Canadians still believe that home ownership is the best long-term investment they could make. This is up by 50% of that in 2021. 60% of Canadians are currently homeowners and 17% do not currently own their home but expect to make that investment in the future. 

Looking forward to the beginning of a new year, 2023 looks to bring much more of a balanced market across the country. The national average price is expected to decrease 3.3%.

There would seem to be a lot of momentum that is going to break once the Bank of Canada stops its rising rates. As the shock of the increases wear off, people will feel more comfortable jumping back into the real estate market. 

Niagara trends are showing heavy influences from the baby boomers looking to downsize. The bigger shift towards the purchase of apartments and townhomes will see an increase in 2023. Niagara is still a big pull for investors as it is perfectly situated close to a large city like Toronto and a growing industry-based city like Hamilton. 

Many Canadians are still confident that their financial situation will remain stable in 2023 according to RE/MAX Niagara. We are expecting single-family detached homes to remain in highest demand for the year 2023 with a growing need as population size continues to increase across the Niagara region. 

For more great real estate advice to jump-start your 2023 year off successfully, be sure to reach out to me direct!

Daniel Passero

Real Estate

RE/MAX Niagara Realty Ltd., Brokerage



M - (905) 704-8783

O - (905) 687-9600

Blog author image

Daniel Passero

A Niagara native and a seasoned real estate professional, Daniel recognizes and values the trust of his clients. His passion for real estate and construction propels him to exceed client expectations ....

Latest Blog Posts

Design Trends: Elements Making Waves

Design Trends Making WavesDive into the vibrant world of interior design where colours play more than just a supporting role; they're the stars of the show. In this post, we explore the fascinating

Read More

Embrace the Chill: A Comprehensive Guide to Winterizing Your Property

Embrace the Chill: A Comprehensive Guide to Winterizing Your PropertyAs the crisp winter air sets in, it's time to prepare your home for the seasonal embrace of snow and frost. Winterizing your

Read More

Welcoming Autumn with Charming Fall Porch Decor

Charming Fall Porch DecorAs the leaves begin to paint the landscape in warm hues, it's time to usher in the spirit of fall. Your porch, with its welcoming aura, is the perfect canvas for expressing

Read More

6 Steps to Financial Happiness

6 Steps to Financial HappinessWhen it comes to finances, it can make or break any relationship. Finding a common ground and having clear and respectful communication is key to discussing financial

Read More