8 elm condos.How cool is the Canadian housing market? Although major real estate agents still claim that “buying a house is the safest investment”, we all know that the Canadian housing market has cooled for several months, after all, new stress tests, rising interest rates, and overseas buyer tax policies in Vancouver and Toronto have overwhelmed the entire housing market.Please Visit: 8 elm condos to Get Your VVIP Registration Today!
While the government doesn’t want house prices to soar, the decline may be worse than the government expected, according to Eric Lascelles, chief economist at RBC Global Asset Management.
“although home sales in Toronto have fallen nearly 50 per cent since the peak, the same is true elsewhere, with Newfoundland down 31 per cent, British Columbia down 30 per cent, Alberta down 23 per cent, Saskatchewan down 18 per cent and so on,” he wrote. “Quebec is relatively better, but it is also down 3%.”
To take a closer look at how regulators influence the market, BuzzBuzzNews collected seven charts to show trends in the housing market more comprehensively and visually.
1. The rate of home ownership has declined in almost every major city.
Fengye Bank of Canada compares home ownership rates in Vancouver, Toronto, Calgary and Montreal over the past four decades.
Conclusion: since its peak last year, home ownership rates have fallen sharply in every city except Montreal in the past few months.
two。. Sales in Toronto have fallen sharply.
The Toronto Real Estate Board compared home sales in each of the past four years.
Conclusion: although sales in April increased compared with the previous month, sales still fell sharply compared with the same period in 2015, 2016 and 2017.
3. Both actual and average sales in Toronto have declined.
The Toronto Real Estate Board examined the comparison of actual MLS sales since 1995 with the dynamic average over a 12-month period.
Conclusion: the actual sales declined, the 12-month dynamic average plunged sharply in 2018, and the housing sales showed an obvious downward trend.
4. Housing sales across the country continue to decline.
The Canadian Real Estate Association (CREA) tracks home sales over the past year.
Conclusion: after a sharp decline in January, sales continued to decline, with a 2.9 per cent drop in April. As CREA reports, 60% of the local housing market reported a decline in sales last month.
