141 Torbay Road, St. John's, Newfoundland and Labrador
CMHC Housing Market Outlook - Spring 2023
Key highlights from the 2023 release
- We expect house prices and supply in Canada to decrease between 2022 – 2023. Price declines are expected to end sometime in 2023 before increasing for the remainder of the forecast period.
- Our analysis forecasts a significant drop in housing starts in 2023 and we can see some recovery starting in 2023 to 2024 and onward.
- Rental affordability is also set to decline due to demand outstripping supply, especially in Vancouver and Toronto.
- Prairie provinces expect more positive housing market conditions due to interprovincial migration and affordable homeownership.
- Ontario, British Columbia and Québec will see significant drops in housing starts compared to other regions.
- The Atlantic region’s economy remains stable and moderate relative to other regions.