The lack of certainty in terms of what to expect from the Bank of Canada regarding further interest hikes may also be encouraging some Canadians to sit on the market sidelines, Laird said.
“Prices are likely to continue to decline in the coming months, so the market is unlikely to become friendlier to sellers in the short term,” Hogue said. “Buyers are coming into the market with less of a budget … They have stricter limitations as far as [how much they can afford].”According to the RBC report, large housing markets across Ontario and British Columbia are expected to see some of the heaviest corrections compared to other regions in Canada.
“[Buyers] should keep their eye open because … there’s always people that have to sell,” he told CTVNews.ca in a telephone interview on Wednesday. “Some people aren't going to want to wait six or eight weeks and hope their house is going to sell, they may want the cash right away.” “[Prices in] the suburbs and more rural properties went up the most during the two years of pandemic exuberance … and those are the places [where] the prices are correcting the most,” said Laird. “[But] the urban cores did not go up nearly as much as the surrounding suburbs [so] they’re also not correcting as much.”also points to New Brunswick, Nova Scotia and Prince Edward Island as facing significant corrections, after home prices ballooned during the pandemic.
Lower house prices have been driven by higher interest rates, which force homeowners to pay more interest on their mortgages. With a higher borrowing cost, those looking to buy a home are likely to qualify for less of a mortgage as a result, Hogue said. This makes it especially tough for homebuyers looking toTaylor Wright and her fiancé are currently renting a one-bedroom apartment as they search for a new home. Looking to purchase in either Ajax, Ont. or Whitby, Ont.
Diordan Svelander and his wife are looking to purchase a home in the Greater Vancouver area. With sky-high house prices, he said they could not afford a down payment on a home despite working two full-time jobs.
Less than a year and he expects a profit of 200k. This article is just pure nonsense
People not profiting wildly off the housing market is the nicest news I've heard in awhile. May everyone who thought they could buy property only to bilk hundreds of thousands from others while doing no upgrades, nothing, well may they not profit one cent.
Landlords held on to 2008 rent prices for the whole time