It’s been a record-breaking year for Canada’s real estate market so far, with interest rates at an all-time low, and housing prices at historic highs. After a slight drop in monthly home sales, thefrom the Canadian Real Estate Association show a real estate market that’s slowly reheating again.
From September to October, the MLS HPI rose 2.7 per cent, while year-over-year, Canadian home price levels have seen a growth of 23.4 per cent. From an economic growth perspective, he admits that a comeback in national home sales is a positive, but having the market lean too much either way isn’t ideal.
“We're still seeing sale prices going over asking, however, we're not getting as much activity,” he told CTVNews.ca over the phone on Tuesday. Brown points to a property he recently sold that had 53 showings but only three offers as an example. “I hate to say it but there's a shortage of supply,” he said to CTVNews.ca in a phone interview on Tuesday. “We're at 30-year lows for inventory.”
“It's a challenging time to be a purchaser and also a challenging time to be a seller,” he said. “As great as it is to be a homeowner looking to sell your home, given the strong seller environment, you still need somewhere to go and it's challenging getting into the market in that sense.”. During the pandemic alone, Canadians saw interest rates plummet across the country for both variable and longer-term fixed rates.
This is mostly due to the pandemic, she says, and restrictions put in place to limit travel. Residents are in search of more space right in their own backyards Winter explains, whether in the form of office space or outdoor space with easier access to natural attractions. This has led to greater activity within the province, she says.
“When interest rates are low, generally there's an inverse relationship where prices rise and conversely, when interest rates go up, prices generally stabilize,” he said.
STOP BUYING.
Many of the people I know are seeing condos/houses going for 100-200k over asking and asking price is more than what the property is worth. many of us are half jokingly saying the only way to own property is inheritance or getting a windfall thru monetary gift or lottery win
Wish I could stay in the GTA and own a home, but with high housing prices and CoL, it makes many of the under 35 crowd I'm a part of move out to cheaper areas somewhat close to the city like Barrie, Newmarket, Oshawa, Hamilton and even further out to Nova Scotia
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