Real estate and construction

2023 real estate outlook: A year of cautious optimism

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As the Canadian economy confronts conditions not seen in decades, the real estate industry is challenged with an uncertain landscape in 2023. Higher interest rates and inflation have continued to increase development costs as real estate owners struggle to keep up with rising supply challenges. Considering these changes, the industry is already responding to meet the needs of developers, property managers, landlords, tenants, and investors.  

Canadian real estate players are taking a cautiously optimistic approach—finding new ways to adapt to changes and mitigate challenges, while keeping their eyes peeled for opportunities. Even though many real estate organizations are being more careful with their capital, opportunities are growing—as it's likely that activity will resurface, prices will stabilize, and an appetite for risk will return.  

Based on insights from the 2022 Real Estate Forum, this report provides an overview of the following real estate market factors and trends that industry leaders are paying close attention to in 2023, the current economic environment, and its impact on the real estate industry. This report also covers: 

  • the approach that owners are taking to protect their investments and find new opportunities in 2023  
  • how the industry is navigating global environmental, social and governance (ESG) goals, and nuanced regulations across multiple jurisdictions 
  • how real estate players are adapting to growing trends across asset classes, taking a closer look at the residential, industrial and office sectors  
  • industry opportunities in 2023 and beyond  



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