According to a new report from RE/MAX Canada, move-up buyers – that is, Canadians who already own a home and find themselves in a position to upgrade in the market – have been driving gains in the spring 2023 housing market, as they tried to get ahead of further Bank of Canada of interest rate hikes. These are the findings from a national perspective, and the trends forming in nine of Canada’s biggest housing markets.

National Market Trends

  • What began as a trickle of movement into housing markets late in the first quarter turned into a swell, as move-up buyers drove strong demand for residential properties across the country throughout the second quarter of the year.
  • Equity gains also factored into Canadians’ decision to move up to larger homes or better neighbourhoods, despite the pandemic-induced rise and fall of real estate value.
  • Necessity was the primary factor driving demand through the first half of 2023.

Regional Market Trends

View the interactive report on remax.ca and click the icons to discover the local move-up buyers market insights.

Western Canada

Vancouver

Calgary

Regina 

Winnipeg

Eastern Canada

Hamilton

Toronto

Ottawa

Montreal

Halifax

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