When pandemic lockdowns began in March 2020, the Toronto Regional Real Estate Board said the average home price in the area – one of Canada’s hottest – sat at $902,680. Last month, it was $1,074,754, a one per cent hike from July 2021, but a six per cent drop from June 2022.
“Home prices continue to fall and have further to go before they find a bottom,” said Randall Bartlett, Helene Begin and Marc Desormeaux, in a report released July 11. “There’s lots of bargain hunters out there who are throwing out offers but if they don’t have to sell, a lot of sellers are saying, ‘no, sorry, not taking it.”
The Bank of Canada increased its key interest rate by one percentage point to 2.5 per cent in July in the largest hike the country has seen in 24 years. The Real Estate Board of Greater Vancouver said the composite benchmark price for the region – often Canada’s hottest – sat at more than $1.2-million in July, a roughly 10 per cent increase from July 2021 and a two per cent drop from June 2022.
For example, she said Alberta has not seen the slowdown many other Canadian markets have because its energy sector is much stronger than it was in the past.
All the very best 💖 for its success 👍
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada's real estate market is cooling. Here's what to expect this fallAfter fuelling Canada's economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate. We can expect Blackrock, the financial arm of the WEF to scoop up foreclosures and we will be on the path of owning nothing and being happy about it! You guys might want to stay away from comments from realtors. They have an incentive to get people to buy now. Housing market in a free fall. Wait till February and reassess then
Source: CP24 - 🏆 30. / 67 Read more »
Canada's real estate market is cooling. Here's what to expect this fallAfter fuelling Canada's economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate. It's welcome news for prospective buyers hoping for a better price. But as the busy fall season nears, realtors and economists are at odds over how long the pricing slide will last and how low it will go.
Source: CTVNews - 🏆 1. / 99 Read more »
Canada's Housing Market 'Entering Bear Territory': BMOWith another interest rate hike likely on the way next month, further cooling of the housing market is expected, likely pushing it further into bear territory. realestate realestatenews housingmarket housing bearmarket
Source: storeyspub - 🏆 16. / 74 Read more »
'Record high activity': Calgary's industrial real estate market blossoming in 2022Calgary’s industrial real estate market is seeing record high activity after a COVID-19 pandemic boost, which experts say could mean more job opportunities for residents and a growing tax base for the city yyc
Source: calgarysun - 🏆 63. / 52 Read more »