{"id":952,"date":"2022-08-16T10:04:42","date_gmt":"2022-08-16T10:04:42","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=952"},"modified":"2023-09-25T22:06:13","modified_gmt":"2023-09-25T22:06:13","slug":"ongoing-median-home-price-declines-expected-to-continue-through-2023","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/ongoing-median-home-price-declines-expected-to-continue-through-2023\/","title":{"rendered":"Ongoing Median Home Price Declines Expected to Continue Through 2023"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\r\n<div class=\"wp-block-image\">\r\n<figure class=\"alignleft size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-654\" src=\"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2019\/10\/AdobeStock_207912456-1024x683.jpeg\" alt=\"\" width=\"195\" height=\"129\" \/><\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n<p>Real estate industry experts have been telling us all that a market correction was inevitable based on the factors leading to meteoric home price raises that have been seen over the past 4+ years. That is on top of less-intense rises that have been occurring for much longer than that, and with ultimate reality of it all being that home ownership is moving out of reach for increasing numbers of people. There is fallout of all different sorts when something like this happens in a market, and especially one that is the reflection of a very basic human need for a roof over your head.<\/p>\r\n\r\n\r\n\r\n<p>So the current market correction is a good thing in as far as more people being able to afford homes, but the flip side of that sees people who bought homes sometime in the last few years and may now be carrying a mortgage on a home that is worth quite a bit less than what they paid for it. You may not be \u2018underwater\u2019 in the same sense if that home is in a desirable location like Vancouver or Toronto, but for others it\u2019s going to be a concern. There\u2019s also homes that might have gone on the market when prices were higher that are going to now be rented out until the market cycle swings the other way again.<\/p>\r\n\r\n\r\n\r\n<p>The last part of that won\u2019t sound good to anyone who works in real estate, but to that end our online real estate lead generation system here at Real Estate Leads is an effective means of giving realtors a leg up on the competition when it comes to obtaining new clientele. That may be something that\u2019s more needed than ever, and it has long been known as an especially good investment for agents who are new to the business.<\/p>\r\n\r\n\r\n\r\n<p>Moving back onto topic, let\u2019s look at the recent predictions coming out that are suggesting that housing market price declines are expected to continue dropping. Not just to the end of this year, but that they\u2019ll be continuing to drop right through 2023 too.<\/p>\r\n\r\n\r\n\r\n<h3><strong>15%? Underestimate<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>The forecast we\u2019re referring to has the average home price in Canada declining by nearly 25% by the end of 2023. And that type of a decline is remarkable for sure considering it was only in February earlier this year when the peak was reached. This would signify a real accent on the ongoing housing market correction, and a sharp one at that. Especially when you consider that multiple reputable sources had their estimate as an approximately 15% drop that was to occur.<\/p>\r\n\r\n\r\n\r\n<p>The reasons the drop is foreseen to be even bigger now is because of weaker housing data and changes to monetary policy that have gone much further than previously anticipated. With interest rate hikes from the BoC being front and centre there. In July the bank raised its key interest rate by a full percentage point in July, making it more expensive to borrow the money buyers need to have mortgages on the homes they\u2019ve purchased. Further increases are expected this year, and that\u2019s a big part of why these predictions are the way they are.<\/p>\r\n\r\n\r\n\r\n<h3><strong>4% Drop Month-to-Month<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>We see as well that housing prices have dropped by more than 4% each month since February, at a time when then national average home price set a record by reaching $816,720. We\u2019re also seeing that prices are still expected to be above the pre-pandemic level at the end of 2023, and the prediction is that the largest price corrections are going to occur in Atlantic Canada and PEI, Nova Scotia, and New Brunswick in particular.<\/p>\r\n\r\n\r\n\r\n<p>We can also expect the upcoming economic slowdown working to ease inflationary pressures to the extent that the Bank of Canada may begin reversing interest rate hikes, and this will help allay some of the fears of those who have the most to lose if median home prices decline too far.<\/p>\r\n\r\n\r\n\r\n<p>__<\/p>\r\n\r\n\r\n\r\n<p>Sign up with Real Estate Leads <a href=\"https:\/\/www.realestateleads.ca\/billing\/cart.php\">here<\/a> <a href=\"https:\/\/www.realestateleads.ca\/\">and receive a monthly quota of qualified, online-generated buyer and \/ or seller leads<\/a> that are delivered to you <em>exclusively<\/em>. You are the only realtor who will receive them, and these leads will be for couples, families, or individuals near you who have show a genuine willingness to make a move in the real estate market sometime soon. It\u2019s a great way to get more out of all the effort you put into building your real estate business by bringing new clients into the fold.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Real estate industry experts have been telling us all that a market correction was inevitable based on the factors leading to meteoric home price raises that have been seen over the past 4+ years. That is on top of less-intense rises that have been occurring for much longer than that, and with ultimate reality of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-952","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ongoing Median Home Price Declines Expected to Continue Through 2023 - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Ongoing Median Home Price Declines Expected to Continue Through 2023 - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/ongoing-median-home-price-declines-expected-to-continue-through-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ongoing Median Home Price Declines Expected to Continue Through 2023 - Real Estate Leads Blog\" \/>\n<meta property=\"og:description\" content=\"Ongoing Median Home Price Declines Expected to Continue Through 2023 - Real Estate Leads Blog\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realestateleads.ca\/blog\/ongoing-median-home-price-declines-expected-to-continue-through-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate Leads Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-16T10:04:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-25T22:06:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2019\/10\/AdobeStock_207912456-1024x683.jpeg\" \/>\n<meta name=\"author\" content=\"Real Estate Leads\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Real Estate Leads\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/ongoing-median-home-price-declines-expected-to-continue-through-2023\/\",\"url\":\"https:\/\/www.realestateleads.ca\/blog\/ongoing-median-home-price-declines-expected-to-continue-through-2023\/\",\"name\":\"Ongoing Median Home Price Declines Expected to Continue Through 2023 - 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