Local housing markets in Canada, New Zealand and Australia are facing downturns as prices spike, interest rates climb, affordability is unreachable, and inventory is bleak. The United States shares some of these concerns as the white hot housing market cools after two years of overdrive.

According to a research note from multinational investment bank Goldman Sachs, each of these markets are poised for “sizable home price declines” throughout 2023. In Canada, residents are facing a 6% decline in home values, while the rate stands at 18% and 13% in New Zealand and Australia, respectively.

Although U.S. prices are projected to fall by just 3%, these countries each have unique housing challenges, they all serve as a cautionary tale for the frosty U.S. real estate market.