Harbourwalk condos.House prices fell in Toronto. The Canadian real estate market is experiencing an uneven recovery, with prices plummeting in Toronto and Vancouver, while prices in places such as Montreal and Windsor-Essex rose sharply from the first quarter to the second quarter of this year, according to a new report.Please Visit: Harbourwalk condos to Get Your VVIP Registration Today!
According to Royal LePage’s house price survey, total housing prices in Canada rose 12.1% year-on-year to $815000 in the second quarter of 2022, calculated using the median weighted average of all housing types collected.
But total house prices fell 4.9% from an all-time high in the first quarter, the first quarter-on-quarter decline in more than three years.
The decline represents a weaker trend of abnormal price rises during the outbreak, the report said.
“the market imbalance is normal, for example, the market in Montreal is very good, while the market in Calgary is very bad, which is very common. In the 18 months of the epidemic, there has been a boost across the country, which is very unusual. ” Said Phil Thorper, president and CEO of Royal Le Page.
In Toronto, the average selling price of all homes and condos in June was $1.15 million, down from a market peak of $1.33 million in February and an average of $1.21 million in May, according to the Toronto area Real Estate Board (Toronto Regional Real Estate Board).
“House prices have fallen in Toronto and Vancouver, which is rare,” Soper said, noting that the decline was mainly due to reduced turnover as more buyers and sellers waited on the market and as the Bank of Canada raised interest rates to offset the surge in inflation.
Royal LePage forecasts that house prices across the country will rise 5 per cent this year, down from the 15 per cent increase it initially forecast in its first-quarter report. Previously, the Canadian Mortgage and Housing Corporation (Canadian Mortgage and Housing Corp.). It revised its forecast on Monday, saying that soaring interest rates could reduce national home values by 5% by mid-2023, but would not cause prices to plummet.
“We believe that most of the price adjustments occurred in the first and second quarters of 2022,” Soper said. “House prices are likely to level off as the number of people looking for a house is balanced with the number of people willing to sell it.”
