From CMHC

Key highlights from the 2023 release

• We expect house prices and supply in Canada to decrease between 2022 – 2023. Price declines are expected to end sometime in 2023 before increasing for the remainder of the forecast period.
• Our analysis forecasts a significant drop in housing starts in 2023 and we can see some recovery starting in 2023 to 2024 and onward.
• Rental affordability is also set to decline due to demand outstripping supply, especially in Vancouver and Toronto.
• Prairie provinces expect more positive housing market conditions due to interprovincial migration and affordable homeownership.
• Ontario, British Columbia and Québec will see significant drops in housing starts compared to other regions.
• The Atlantic region’s economy remains stable and moderate relative to other regions.

https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/housing-market-outlook/2023/housing-market-outlook-spring-2023-en.pdf?rev=5c29bc91-2310-435f-b2c9-b801866d0ede