A report from financial institution Desjardin says Canada’s largest drop in the average home price will likely occur in the Maritimes, where prices skyrocketed during the heights of pandemic lockdowns.
Desjardins is forecasting the average home price in Canada will decline by nearly 25 per cent by the end of 2023.
Properties across New Brunswick, Nova Scotia, and Prince Edward Island have been consistently selling above asking price, forcing some out of the market.
“When you look at the Maritimes specifically, those three provinces were the chief beneficiaries of the run-up in home prices during the pandemic,” says Randall Bartlett, Desjardin’s senior director of Canadian economics. “They saw the greatest increase in home prices.”
Between early 2021 and early 2022, Canada’s average home price went up 20 per cent to a record…