Royal LePage Real Estate Brokerage has lowered its forecasts for the increase in home sale prices in Canada.

Across Canada, Royal LePage expects a 5.0% increase in the average sale price of homes from various categories in the last quarter of 2022 compared to the same quarter in 2021, reaching $817,950.

The company had forecasted last April that the average home price in Canada in the last quarter of this year would rise by 15% from its level of $779,000 in the same quarter of last year.

The Greater Toronto Area (GTA) is the Canadian urban area that will witness the lowest price growth in the last quarter of this year, according to Royal LePage.

The company expects a 3.0% increase in the average sale price of properties in the Greater Toronto Area in the last quarter of 2022 compared to the same quarter of 2021, reaching $1,153,394.

Three months ago, Royal LePage had forecasted that the average home price would exceed $1.3 million in the Greater Toronto Area by the end of 2022.

In Greater Vancouver, located on the Pacific coast and the largest urban concentration in British Columbia, Royal LePage expects a 5.0% increase in the average sale price of properties in the last quarter of 2022 compared to the same quarter of 2021, reaching $1,315,965.

The Greater Toronto and Greater Vancouver real estate markets are usually the hottest in Canada.

In Greater Montreal, the largest urban concentration in Quebec and the second largest in Canada, Royal LePage expects a 12.5% increase in the average sale price of properties in the last quarter of 2022 compared to the same quarter of 2021, reaching $599,175.

The company expects the average home price in the federal capital Ottawa in the last quarter of this year to reach $813,670, an increase of 10.0% over its level in the same quarter of last year.

In Halifax, the capital of Nova Scotia and the largest city of the four Atlantic provinces, Royal LePage expects the average home price in the last quarter of this year to be $528,432, a 9.0% increase over its level in the same quarter of last year.

In Edmonton and Calgary, respectively the capital of Alberta province in the west and its largest city, Royal LePage expects the average home sale price in the last quarter of this year to reach $466,956 and $622,944 respectively, an increase of 9.0% and 8.0% respectively over the sale price in the same quarter of last year.

In Regina, the capital of Saskatchewan province in the west as well, Royal LePage expects the average home price in the last quarter of this year to reach $385,307, a 7.0% increase over its level in the same quarter of last year.

In Winnipeg, the capital of Manitoba province, the eastern neighbor of Saskatchewan, Royal LePage expects the average home price in the last quarter of this year to reach $385,776, an 8.0% increase over its level in the same quarter of last year.