Posthaste: Housing market correction is hitting these cities the hardest — and they're not Toronto or Vancouver

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way. If you don't see it, please check your junk folder.

The pandemic fuelled a red-hot housing boom that swelled prices in some centres by more than 50 per cent. But that bubble deflated quickly after the Bank of Canada began rapidly hiking rates in March 2022 to tame inflation.Article content All provincial housing markets have declined but Ontario and British Columbia, the provinces whose economies are most exposed to real estate, have seen the biggest drops, says Desjardins. Of the two, Ontario has experienced the largest correction so far.

During the pandemic, the necessity of working and educating children from home fuelled a desire for more living space, causing many residents to leave the big cities in search of greener and cheaper pastures. The “unprecedented” demand drove up home prices and some of the biggest increases were seen within a few hundred kilometres of the Greater Toronto Area, they said.

“Home prices rose significantly in the GTA, but not nearly as much as they did in smaller Ontario communities or nationally for that matter,” said the economists. “And these places are expected to continue seeing the biggest correction.”

Let me guess who’s to blame…🤔

Homes. Not a market for speculation.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Posthaste: Housing market correction is hitting these cities the hardest — and they're not Toronto or VancouverHousing market correction is hitting smaller communities outside major centres the hardest, says report. Find out more
Источник: nationalpost - 🏆 10. / 80 Прочитайте больше »

Posthaste: Housing market correction is hitting these cities the hardest — and they're not Toronto or VancouverHousing market correction is hitting smaller communities outside major centres the hardest, says report. Find out more
Источник: financialpost - 🏆 7. / 85 Прочитайте больше »

Posthaste: Housing market correction is hitting these cities the hardest — and they're not Toronto or VancouverHousing market correction is hitting smaller communities outside major centres the hardest, says report. Find out more
Источник: fpinvesting - 🏆 43. / 63 Прочитайте больше »

Posthaste: Housing market correction is hitting these cities the hardest — and they're not Toronto or VancouverHousing market correction is hitting smaller communities outside major centres the hardest, says report. Find out more
Источник: VancouverSun - 🏆 49. / 61 Прочитайте больше »