(Toronto) The average home price in Canada in the second quarter fell slightly from the same period a year ago, according to a report from the firm Royal LePage.
The real estate service provider’s property price survey indicates that the overall price of a home in Canada fell 0.7% year-over-year to $809,200 in second quarter of 2023.
On a quarterly basis, the price of the aggregate, which averages the median values of all housing types, rose 4.0%, the firm continued.
Royal LePage says the real estate market is close to the point where it will have fully recovered from the market correction seen last year when interest rates started to rise.
The second quarter aggregate price was down 5.6% from its peak in the first quarter of 2022.
According to Royal LePage, prices for the fourth quarter of this year are expected to show an increase of 8.5% compared to the fourth quarter of 2022.