Yesterday brought the latest numbers on Canada’s housing market, confirming that the pandemic boom is over.in July, the fifth month in a row of declines. Benchmark prices were also down 1.7% from the month before.
The Bank of Canada’s 100-basis-point hike in July “threw ice-cold water on the market,” said Hogue, as it disqualified some buyers from getting a mortgage and shrank the size of the mortgage for others.Article contentPotential buyers are holding back in case prices drop further, while sellers are debating whether they too should wait until the market turns in their favour, Canadian Real Estate Association chair Jill Oudil saidNew listings declined 5.
In the Greater Toronto Area the composite MLS home price index has dropped 7% in the past five months.
financialpost Prices will never bottom out because more and more people keep coming and more and more boomers are leaving real estate and wealth to their offspring. It’s numbers, and the world’s population of wealthy keeps growing. So there will always be demand for homes and for investments.
financialpost Good let the prices hit the floor.
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