Forma condo address.House prices in Canada have halved. The weakness of house prices in major markets across the country has continued, falling for six months in a row, but the decline from the peak is slight and not to the point of collapse.Please Visit: forma condo address to Get Your VVIP Registration Today!
According to the Teranet National Bank Composite House Price Index, house prices in more than 10 big cities fell another 0.3 per cent last month, following a 0.4 per cent monthly decline in February.
The National Bank of China’s Department of Economics and Strategy pointed out in an analysis report that as of last month, the index had fallen for six months in a row for the first time in the past six years.
Not only that, Marc Pinsonneault, an economist at the bank, pointed out that excluding the recession, this was the first monthly decline in March in 20 years.
The expert added that a few months ago, weak house prices were mainly concentrated in the westernmost metropolitan areas of Canada, but six-month index changes show that the weakness has now spread to nine regions.
The house price index covers 11 markets, including major regions such as Toronto, Hamilton, Vancouver and Calgary, leaving only Halifax and Mandike.
The weakness in housing prices lingered, the expert explained, because it was still adjusted because of the recent rise in interest rates and the tightening of mortgage eligibility. However, he stressed in his analysis that weak prices do not mean price collapses.
This argument is not unfounded. As a matter of fact, compared with the peak housing prices recorded in September last year, the cumulative decline of 1.7% over the past six months is still slight.
He pointed out that in Toronto, the country’s largest real estate market, Bowen prices have risen for 17 months in a row, while other types of housing have only given up 1.4% in the past six months.
As for Vancouver, the country’s most expensive market, the economist pointed out that further declines in house prices should be limited due to an annualised employment growth of 2.9 per cent in the first quarter.
In any case, the recent decline in sales and house prices in the Cassi market has attracted the attention of the market. Turnover in Vancouver’s second-hand property market fell another 7 per cent last month and is now at its lowest level in 1986, while benchmark home prices have been falling in September, up 8.5 per cent from their peak in June last year, according to Robert Hogue, a senior economist at Royal Bank.
The house price index showed that Vancouver continued to soften last month, falling 0.5 per cent in a month, compared with a cumulative decline of 2.1 per cent over the past year.