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Monday, April 17, 2023   /   by Ameil Gill


Now that we have entered the “spring market,” it’s an opportune time to discuss market forecasts and anticipate what’s in store for those who are considering buying or selling a property this year.

Here are what experts are expecting in the housing market for 2023:

1. Home prices will rise, but slower than we have seen in the past 2 years. Experts predict an average increase of 5.4% nationwide.

2. Mortgage rates will stabilize between 6.5-7%

3. Thanks to the jump in interest rates, buyers have less buying power in 2023. The typical mortgage payment will be 28% higher, pricing some buyers out of the market.

4. Inventory will trail pre-pandemic levels but will be up 22.8% from 2022, giving buyers more options to choose from and less competition.

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated June 15, 2024
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