This translation has been automatically generated and has not been verified for accuracy.After enduring bidding wars and skyrocketing home prices, would-be homebuyers are facing a relatively new dilemma: jump in to take advantage of lower national average prices or tread cautiously to avoid making a costly mistake.
Still, CREA’s most recent figures show the national average price for a home sold in May was close to $508,000, up 1.8 per cent from a year ago. International reports have suggested the Canadian economy could be at risk due to overinflated house prices. “As long as people continue to work, they will likely to be able to meet their debt repayments,” it wrote in April.
Restoring affordability to housing will require a 40-per-cent to 50-per-cent decrease in prices from the peak, he said.Prices have come down in Vancouver and while true affordability may never be restored in Toronto, the market is softer. Canada’s housing market doesn’t have a history of severe depreciation even in tough times and that over several decades, Canadian home prices have appreciated more than 5 per cent a year, he said.“Slowdowns are really hard to predict. It’s not necessarily going to happen,” he said.“We’re probably going to see an American recession sometime over the next couple of years which will slow the market in Canada but not necessarily so.
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globemoney How many years have they been saying this about the Vancouver market.......timing the market is a pretty tricky strategy!
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