South forest hill residences.The turmoil in the Canadian real estate market is not over yet. With current lending rates high, home sales are likely to fall again.Please Visit: South forest hill residences to Get Your VVIP Registration Today!
At the same time, the Bank of Canada is expected to raise interest rates twice by the end of 2022, meaning buyers will face higher mortgages. Therefore, the real estate market will be further restrained.
TD economic experts said that according to the July market trading data, house prices are expected to continue the downward trend in the first quarter, falling 19%. On the other hand, as the Bank of Canada is unlikely to stop raising interest rates this year, the shock in the real estate sector is not over yet.
Looking back at 2020 and 2021, after the central bank cut interest rates to an all-time low of 0.25%, the real estate market was unprecedentedly hot. In 2022, the Bank of Canada has raised interest rates four times in a row, reaching 2.5%. As inflation continues to spread across the country, the Bank of Canada hopes to fight it by raising interest rates sharply.
The economist Orlando points out that inflation appears to have eased in July, but that is unlikely to cause central bank policymakers to change direction. The central bank is expected to raise interest rates again in September and December, reaching 3.25% by the end of the year.
The Canadian Real Estate Association (CREA) reported that national home sales in July 2022 were 5.3% lower than in June and 29.3% lower than last year. At the same time, the number of new properties fell 5.3% in July from a month earlier.
In July, the benchmark average price of housing fell 1.7% from the previous month, up 10.9% from a year earlier, while the real average selling price of houses across the country fell 5% from a year earlier.
The highlands of Nova Scotia are the perfect choice if you want to stay away from all this, but you can’t choose between the mountains or the seaside. This part of the province is dotted with small towns, and you will find many houses located almost in remote areas. They are still very cheap, but judging from the soaring prices, the secret has been revealed.
Less than an hour’s drive from Halifax, you will find a magical world with charming hotels such as lighthouses, beaches, Ivy House Inn in Lunenburg, and lobsters you will never eat. No wonder the south bank of Nova Scotia is so popular with tourists. If you want to call yourself a local, the houses here are still affordable, but you shouldn’t wait too long to consider participating.
