House prices both Canada-wide and in the GTA appear to be flattening out after falling 18.9 per cent nationally from February 2022’s all-time highs, according to statistics released by the Canadian Real Estate Association Wednesday.
Instead of focusing on the historic collapse from last year, some economists are watching for “green shoots” — signs that the real estate market has “bottomed out” and is headed for a recovery. Still, worrying signs remain. Homeowners and would-be buyers are under stress after eight interest rate hikes drove up borrowing costs. And part of the reason prices have stabilized is because buyers are chasing a very limited number of listings.“That’s a significant decline,” said John Pasalis, president of real estate brokerage Realosophy. “Fewer people are listing homes and this is really what’s causing the dynamics we’re seeing now.
That doesn't even begin to match how much they've risen so no
230.000 new comers to your city last year, the whole medium size city and you still have vacant houses/appts/basements/park benches? What will happen this year with 1/2M and 1/2 half coming to you again? Madness continues. No wonder Ca turned inti insane asylum.
I love how the media and the real estate market plays with numbers. A drop of 19% still means that the houses are still over priced by hundreds of thousands of dollars.
Trudeau packing 500,000 to 600,000 extra people into Canada each year will only see house prices increase.
Ever notice that everyone who sells real estate always says 'the time to buy or sell is now,' regardless of market conditions?