8 ELM downtown.Canadian house prices will fall sharply in the coming year. There will be a “historic correction” in the Canadian housing market, with resale volumes in British Columbia and Ontario falling 45 per cent and 38 per cent respectively in 2022 and 2023, respectively, and the house price index will fall more than 14 per cent from its quarterly peak.Please Visit: 8 ELM downtown to Get Your VVIP Registration Today!
House prices in Greater Toronto, Ontario soared during the COVID-19 epidemic and have fallen for four consecutive months since March, affected by successive interest rate hikes by the Bank of Canada, the report said. The latest figures from the Toronto area real estate board show that sales fell 41% in June from a year earlier, with an average house price of C $1.146 million.
The report predicts that average house prices in Canada will fall by about 12 per cent by the second quarter of 2023 from their peak in February 2022. The report expects the “revision” to last about a year and end around the first half of 2023, but a deeper and longer recession cannot be ruled out.
However, Robert Hogue, assistant chief economist at Royal Bank of Canada, said in a report that a “crash” in the Canadian property market was not yet expected.
But in Calgary and Edmonton, the cost of paying for a house is only 38.8% and 29.3% of average household income, respectively.
According to Smart Prosperity Institute, a national research network at the University of Ottawa.
“if you are a nurse who works in Toronto, you cannot live anywhere near your place of work.”
“but you can get a job in Calgary with a commute of about 10 minutes, which is very convenient and fast for everyone.”
After all, house prices in the province are very approachable, with average prices in cities in the province ranging from C $300000 to C $490000 in August sales data.
The average house price in each city of Alberta is as follows, about C $370000 in Edmonton and C $485000 in Calgary.
After all, house prices are falling all over Canada, but prices in Toronto and Vancouver have been at a relatively high level, and the global economic slowdown has not directly affected the local housing market so quickly.
If you live in Canada, you can consider buying a house in Alberta, because rising interest rates have directly affected house prices in Alberta. By this month, the price of an one-bedroom apartment in Toronto can buy a separate house in Alberta.