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Economists at TD Bank say the housing market in September, the most tense month in nearly 20 years, is now in a seller’s market and tight supply is gradually pushing up prices.
The Canadian Real Estate Association (CREA) said in a report on October 15th that average home prices across the country hit a new record in September, breaking the C $600000 mark for the first time to C $604000.
Under such circumstances, Canada’s national home sales accounted for 77.2% of new listings in September, meaning 77.2 out of every 100 listed homes were sold.
Generally speaking, when the ratio is maintained between 40% and 60%, the market is in balance, and when the ratio is higher than 60%, it belongs to the seller’s market.
Today, the proportion is as high as 77.2%, making the Canadian housing market an absolute seller’s market.
As a result, it is expected that Canada will continue to maintain its current record house prices in the fourth quarter of this year, and there may even be a small rise.
In the face of such rising housing prices, the future housing market in Vancouver has also aroused the reverie of many people.
However, some professional analysts see a worrying side in this excellent form.
Aled ab Iorwerth, deputy chief economist of CMHC, said that now the entire Canadian housing market system seems to be split in two, which will lead to a lot of risk.
Eworth believes that although house prices are rising, there are some nuances, and not all housing markets show such a trend.
Falling rents, for example, a growing preference for suburban rather than urban areas, and a prolonged economic weakness are all likely to hit the apartment market and drive down the prices of other homes.
According to a real estate agent who specializes in downtown Vancouver apartments, the median price of Vancouver apartments fell 10 per cent in September from the previous month and 14 per cent in the same period last year.