Housing market outlook for the fall predicts a drop in home prices

The national average for home prices is expected to go down by 2.2 per cent in the coming months, according to RE/MAX Canada’s 2022 Fall Housing Market Outlook Report, released Wednesday Sept. 28th.

This easing in price is a result of increases in interest rates, inflation and economic uncertainty over a recession.

These rising rates have resulted in 44 per cent of Canadians holding off on their home-buying aspirations for the near future, says the report. In addition, the report shows that fears over a recession has caused 41 per cent of Canadians to put a pause on plans to either buy or sell a home in Fall of 2022. However, 34 per cent said that they wouldn’t hold on purchasing a home in the foreseeable future.

Tim Hill, a realtor from RE/MAX All Points Realty in Vancouver, says that while there is a lot of a “wait and see approach,” buyers who weren’t able to get into the market during the first quarter are making their move now.

“A lot of good families, good people, with good jobs, couldn't buy homes. Due to the multiple offer situations and the rising prices. And so right now, good people can afford to do it and they might look at it in the sense that in a few years, they might want to be doing something like a refinance, to take advantage of better rates,” he said.

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