A report by Royal LePage says the median price of a home in Canada in the fourth quarter of 2022 posted the first year-over-year decline since the end of 2008 during the financial crisis.
In its house price survey, the real estate company says the median aggregate price of a home was $757,100 in the final quarter of last year, down 2.8 per cent compared with the end of 2021.
Royal LePage says the aggregate price was down 2.3 per cent on a quarter-over-quarter basis to mark the third consecutive quarterly decline.
Home prices fell in 2022 as mortgage rates pushed higher, driven by the Bank of Canada’s interest rate hikes to fight inflation.
However, Royal LePage noted that home prices remain above pre-pandemic levels.
It says the national aggregate home price in the fourth quarter of 2022 was up 13.8 per cent compared with the same quarter in 2020 and 17.2 per cent higher than in the fourth quarter of 2019.
