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2023 Real Estate Forecast - Niagara Region Market
Dated: December 22 2022
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!
RE/MAX Niagara Realty Ltd., Brokerage
M - (905) 704-8783
O - (905) 687-9600
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 ....
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