Royal LePage lowered its housing price forecast in the fourth quarter

In this text, I have presented a report on the real estate market in Canada and the expectations of the Royal LePage real estate company. This report contains information related to changes in housing prices in Canada in the last quarter of 2023 compared to the previous year.
Price Prediction: The Royal LePage company has predicted that in the last quarter of 2023, the price of an entire home in Canada will increase by seven percent compared to the same quarter of the previous year. This prediction is different from the previous outlook, which forecasted an 8.5 percent decrease.
Price Decreases: These decreases in predictions are related to a slowdown in the third quarter. During this period, the national housing market saw a 3.6 percent increase compared to the previous year, reaching $802,900, but it decreased by 0.8 percent on a quarterly basis.
Regional Markets: More than half of the 63 regional markets analyzed by the company showed reduced sales activity and price decreases in the third quarter.
Interest Rate Impact: The increase in interest rates still has a significant impact on the real estate market in Canada.
Regional Variations: Royal LePage has adjusted its regional forecasts, with some areas showing price reductions and others remaining stable. For example, prices decreased in Toronto and Vancouver but increased in Montreal.
Calgary Region: Calgary is the only region known to have an expected increase in housing prices in the fourth quarter compared to the previous year.
Housing Types: Differences in price changes for single-family homes and condominium apartments have also been mentioned.
This revision provides a clearer and more comprehensive presentation of the text, and it uses more technical terminology.

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