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Home Buying in 2023
The following is an overview of various articles and resources which might form a starting point for home buying in 2023. Buying a home is a big decision, and it's important to understand the current state of the real estate market before making any moves.
While every region and neighbourhoods can have greatly varying differences, having a national outlook on the bigger picture is a good place to start. It can give home buyers a starting point to compare with their own locale, and will give you questions to ask the various services providers when looking at home buying in 2023. Will it be a buyers' market or sellers market? Will home prices rise or fall? All questions people looking at buying a home would like to know - do we buy now or later?
There is no single magic indicator or predictor, however, in an attempt to scratch the surface of those questions we'll be exploring the key references for the US and Canadian real estate market forecasts for 2023. Hopefully it will give you a better idea of what to watch for, and what trends to consider in your local markets.
So without further adieu, let's jump on in and see what home buying in 2023 might look like!
Home Buying In 2023 Update Content Quick Links
Click on the US or Canadian market to jump to the market update where you live.
US Real Estate Market Updates
1. Nation Association of Realtors (NAR):
The NAR is a self governing trade association representing professionals in the Real Estate industry, including sales people (both commercial and residential), property managers, appraisers and other related services. They specifically have copywrite on the use of term "REALTOR".
The NAR develops the standard templates for the industry and provides as good a platform as any for buyers and sellers. They release several types of reports through-out the year.
Here is the link to their NAR Pending Home Sales news articles.
Here is a link to the NAR Housing Research and Statistics web-page.
2. Zillow Group:
Zillow Group (Zillow) was one of the first companies to successfully take the real estate market in the United States to the internet. They developed a user friendly platform which allowed users to search and acquire publicly available information while sitting behind their computer. They also provide many of the services connected with renting, buying and selling real estate, but there is no obligation to use them or sign up in order to access their information.
When we were buying property it was the site we usually started our search with when looking for homes to buy, sell or rent.
Here is the link to the Zillow Research web-page
3. Redfin:
Refin is another resource for searching for a home whether you are buying, selling or renting. They have a housing market update and news page.
Here is the link to the Redfin Housing Market News Report
4. Freddie Mac:
Freddie Mac and Fannie Mae now fall under the Conservatorship (legal guardian) of the Federal Housing Finance Agency. Freddie Mac buys mortgages from private lenders and sells them to investors. The Conservatorship was put in place after the 2008 housing market crash.
Freddie Mac has its' own research arm and they produce regular reports on various aspects of the housing market.
Here is the link to the Freddie Mac Economic and Housing Research web-page.
US Market Summary:
- Most experts are reporting a huge increase in housing prices since 2019 due to inflation (not to mention food prices and other essentials). This coupled with difficult economic times and Federal Reserve mortgage rate hikes, making housing affordability increasingly difficult for potential new home owners.
- This year most experts are reporting a drop in sales and sale prices indicating a buyers market for 2023, all despite a reduction in inventory of homes for sale. However, given (or likely in no small part due to) the affordability issue discussed above. That news may not cheer up too many potential new home buyers.
- If you have the capital for an adequate down payment and are able to handle the increased costs of borrowing, home buying in 2023 may present opportunities in the US market for the patient type of buyer. However for most, it will likely be more of a struggle to find the right house, and at price that will make financing possible.
Canadian Real Estate Market Updates
1. Canadian Real Estate Association (CREA):
The CREA is a self-governing trade association representing sales professionals in the Canadian Real Estate industry. They specifically have copywrite on the use of term "REALTOR" (similar to, or perhaps because of, the NAR in the United States).
The CREA develops the standard templates for the industry in Canada and provides as good a platform as any for buyers and sellers. They release several types of reports through-out the year.
Here is a link to the CREA Housing Market Analysis - Quarterly Forecast.
Here is a link to the CREA Housing Market Analysis web-page.
2. Canada Mortgage and Housing Corporation (CMHC):
CMHC is a Crown Corporation (a separate entity but still owned by the Government of Canada) which provides mortgage insurance to Canadian home owners. In addition they also provide guides and tools on renting and buying homes. They had normally produced a Market Outlook, although have now stopped issuing some of their reports.
Here is a link to the CMHC Housing Market Reports web-page.
3. Royal Bank of Canada (RBC):
The RBC has been producing housing market and economic outlook research papers for many years to support (or possibly encourage) the lending component of their business.
Here is a link to the RBC Canadian Housing Reports web-page.
4. Canadian Market Summary:
- Most experts are reporting a huge increase in housing prices since 2019 due to inflation (not to mention food prices and other essentials). This coupled with difficult economic times and the Bank of Canada mortgage rate hikes, making housing affordability increasingly difficult for potential new home owners.
- This year most experts are reporting a drop in sales and sale prices indicating a buyers market for 2023, all despite a reduction in inventory of homes for sale. However, given (or likely in no small part due to) the affordability issue discussed above. That news may not cheer up too many potential new home buyers.
- If you have the capital for an adequate down payment and are able to handle the increased costs of borrowing, home buying in 2023 may present opportunities in the Canadian market for the patient type of buyer. However for most, it will likely be more of a struggle to find the right house, and at price that will make financing possible.
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