These 3 Cities In Western Canada Are Set To Become Buyer's Markets In 2023 According to RE/MAX
If becoming a West Coast homeowner is on your list of to-dos in 2023, you'll be happy to know that housing market trends are in your favour.
Three cities in Western Canada are anticipated to become buyer's markets this year, according to the RE/MAX® 2023 Canadian Housing Market Outlook Report.
For any first-time homebuyers out there, a buyer's market is when there are more homes on the market than there are buyers. In this type of real estate environment, you have more homes to choose from, prices are typically stable or dropping and — perhaps most importantly – you may have the upper hand in negotiations, which means you get the most for your money.
Ready to start browsing for your dream home out west? RE/MAX predicts that these three areas in Canada's West Coast will become buyer’s markets in 2023.
Kelowna, British Columbia
Kolby Milton | Unsplash, Courtesy of RE/MAX
With 2,000 hours of sunshine per year, moderate temperatures and a stunning country landscape peppered with over 40 wineries, Kelowna has become a hot spot for new residents in recent years.
In this buyer's market, the average house price is steep — $1,227,612 — but it's set to drop 10% to a slightly more affordable $1,104,850 in 2023. According to RE/MAX's report on this British Columbian city, Kelowna's luxury market is also expected to cool down in 2023.
Nanaimo, British Columbia
Darryl Brooks | Dreamstime, Courtesy of RE/MAX
If you've always wanted to call Vancouver Island home, now might just be a perfect time. Situated on the east coast of one of Canada's most beautiful islands, Nanaimo offers natural beauty, outdoor adventure and a slower pace of life to those who live there.
This buyer's market will likely continue into mid-2023, according to RE/MAX, with a 10% price drop (bringing the average house price down to $697,973) slowing as interest rates peak in the later half of the year.
A decrease in buyer demand will also result in more houses for sale — and more for you to choose from.
Adelebuchanan | Dreamstime.com, Courtesy of RE/MAX
In Saskatoon, you'll enjoy four distinct seasons, cultured history and one of the lowest costs of living among Canada's biggest cities.
This Saskatchewan city is categorized as a seller’s market for single-detached homes and a buyer’s market for condos. Unlike Kelowna and Nanaimo though, the average house price is not expected to drop. Instead, it's set to rise 3% from $370,019 to $381,119.
Of course, the Canadian housing market can change quickly and without warning. Whether you're planning on upsizing or purchasing your very first abode, you can stay up to date with the latest trends and key insights by getting in touch with a RE/MAX real estate professional.
You can also check out RE/MAX's 2023 Canadian Housing Market Outlook Report to get the low-down on what's happening in these three cities as well as Canada's bigger markets, like Vancouver and Toronto, this year.
To search home listings or to find an agent, visit the RE/MAX website. To keep up to date with Canada's real estate market, check out the 2023 Canadian Housing Market Outlook Report.
Each RE/MAX office is independently owned and operated. This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.