Market Forecast 2023

While demand slowed in the wake of rising interest rates, families waiting on the sidelines have the capacity to buy but have chosen a “wait and see” approach. This presents an opportunity for motivated buyers, especially those who are currently renting, to get an early jump on the spring market. There will be lots of activity in the under $500,000 category, so best not to delay your plans as to avoid competition from buyers who are re-entering the market after a fall and winter hiatus.

Sellers saw much of the 2022 gains evaporate in the second half of the year because of the interest rate’s effect on buying capacity and demand. However, considerable appreciation remains over pre-pandemic prices.

We anticipate a less frenzied market for 2023, but inventory levels still favour sellers; especially homes that have been well maintained, that present nicely, and that are advertised strategically. The key to selling for top dollar is still:

Price ♥ Promotion ♥ Presentation

Overall, there remains uncertainty in the market largely due to the government’s response to inflation, interest rates, global economic slow downs, impacts of conflicts and unrest, and the tail end of the pandemic.

One thing is certain, Quebec and the rest of the country have a shortage of housing and will be welcoming thousands of newcomers in the years to come; putting pressure on an already tight housing stock.