forma condo price list.House prices in Canada have been falling for 2 years! RBC Bank of Canada has predicted that house prices in Canada, especially in BC and Ontario, will fall sharply to $776900 in 2023.Please Visit: forma condo price list to Get Your VVIP Registration Today!
“We expect more downward pressure on prices in Vancouver, Toronto and other high-priced markets,” Robert Hogue, assistant chief economist at Royal Bank of Canada, wrote in the latest housing outlook.
“by contrast, we expect market activity and prices in Alberta to be more flexible, with more catch-up work to be done in the local market after the prolonged downturn before the outbreak.”
Vancouver real estate and property tax experts believe that Vancouver’s real estate market is beginning to slump, which could last as long as two years.
Total real estate prices in BC province are expected to fall 3.8% to about $1.02 million in 2023. This is the biggest drop in the country, with Ontario expected to fall by 2.3%.
Paul Sullivan is B.C. Property tax expert, head of Ryan Co., Ltd. (Ryan LLC), who leads the relationship with B.C. A business tax alliance formed in cooperation with the Business improvement Association. ‘The market changed in a near-perfect environmental storm,’he said.
“there’s nothing worse in the world than right now,” Sullivan said. “there’s war, there’s interest rates, there’s a supply chain crisis.” “this is a very bad situation.”
‘Even if house prices are falling, it doesn’t help people’s affordability, ‘says Sullivan. Record high inflation and rising interest rates mean buyers cannot afford to buy, making it increasingly difficult and expensive to build.
“our raw materials are priced very high because of transport problems, and we are facing a labour shortage,” he said. ” “now, the price of delivering new homes to the market is soaring.”
The RBC Bank of Canada forecasts that “prices will peak this spring as market sentiment worsens” and then fall back.
“I don’t agree with that,” Sullivan said. “I think prices went up in the last quarter of last year or even at the end of last year. The level of demand has fallen, and interest rates will exacerbate this situation. ”
As for how long the downturn will last, Sullivan says Vancouver’s real estate cycle is usually shorter, but he thinks it will last longer this time.
“I think this time house prices will fall for more than six or 12 months, and we may be in a state of low house prices for up to two years,” he said. “