If you've noticed a surge in house prices across Canada, your perception is accurate. As reported by the Canadian Real Estate Association (CREA), average housing prices have experienced a 3.2 percent annual increase as of May 2023. Nonetheless, this upward trend is not necessarily set in stone.
According to projections from the Canadian Mortgage and Housing Corporation (CMHC), the housing market is anticipated to be impacted by subdued economic growth and elevated mortgage rates, leading to a continued deceleration in the housing sector for the current year.
Consequently, housing prices are forecasted to undergo a decline throughout 2023, although they are not expected to reach the levels observed before the pandemic.
This prompts the question: What implications does this hold for the city where you're aspiring to reside?
Read on to see the current average house prices across 10 popular Canadian cities: