8 elm condos.Real estate prices in Canada plummeted. After a series of interest rate hikes by the central bank, a growing number of potential home buyers are finding themselves unable to afford mortgage rates, with house prices in CAN suffering their biggest monthly decline in 17 years.Please Visit: 8 elm condos to Get Your VVIP Registration Today!
Benchmark real estate prices fell 1.9 per cent in June from the previous month, according to the real estate market statistics report (HMS) released by the Canadian Real Estate Association (CREA). This is the third month in a row that prices have fallen and the biggest one-month decline since 2005.
With inflation at its highest level since the early 1980s, the Bank of Canada (BoC) rapidly increased borrowing costs, raising its policy rate to 2.5 per cent from 0.25 per cent in early March. This has triggered a sudden shift in the property market, as more and more buyers find themselves unable to obtain financing.
Canadian house prices fell 1.9% in June, the biggest monthly decline since 2005. _ By Bloomberg.
Sales fell 5.6% in June from a month earlier, while sales plunged 23.9%, according to CREA.
The benchmark price of Toronto, the country’s largest city and its financial centre, fell 4.5 per cent to C $1.21 million in three months. The biggest decline was seen in towns around Toronto, where prices soared during the COVID-19 epidemic (Covid-19). House prices in Oakville, a western suburb, have fallen by 10% in the past three months.
“the real estate market has slowed since November,” Darren King, an economist at the National Bank of Canada, said in an interview with Bloomberg TV.
The situation in Canada’s second-largest city is “much more brutal” than in some other places, he said. He expects house prices to fall by about 10% in Montreal and 15% in Toronto by the end of 2023.
