Statistics Canada doesn’t usually offer any kind of guidance on the economy but added this to the new home sales release:
This decrease in lumber prices, along with elevated mortgage rates (plus
the risk of further increases in 2023), should continue to cool new
house prices, at least during the first half of 2023. As mortgage rates
stabilize and uncertainty in the market calms, housing demand and growth
in prices should edge up in the latter half of 2023. This, along with
other factors such as increased immigration targets and continued
interprovincial migration, especially in the hottest markets with a
limited supply of new homes, could lead to price increases in the new
home segment.
