Clearwater condos innisfil. House prices have soared by 38% compared with last year. Last month, the average selling price of a Canadian home was 688000 yuan, a figure that has risen by more than 38 per cent in the past year.
The Canadian Real Estate Association (Canadian Real Estate Association), which represents national real estate agents, said in a press release Tuesday that although house prices are still up sharply from a year ago, the increase appears to be slowing.
688000 yuan is down from 696000 yuan in April and 716000 yuan in March, indicating that although the market is in a hot state compared with the early stage of COVID-19 ‘s epidemic, it is actually cooling.
“although the property market across Canada is still very active, there has been a slowdown in property market activity for two months, including demand, supply and prices,” said Cliff Stevenson, chairman of CREA.
In addition to prices, home sales seem to be cooling compared with the peak reached in March 2021.
More than 50,000 homes were sold last month, more than double the number in the same period last year. But May 2020 was the slowest month on record for home sales, as the COVID-19 pandemic greatly dampened sales.
In March, home sales reached nearly 70,000 units, but in the following two months, home sales fell 11% and are now down 7%.
“there are growing signs that buyers are bored and disappointed with the offer, and given our location in the epidemic, the urgency of locking in a place to live through the COVID-19 epidemic is expected to diminish,” Stevenson said.
CREA says the average price can be misleading because sales of high-priced homes can distort average prices in high-priced markets such as Toronto and Vancouver. That’s why the company compiles the house price index (House Price Index). The index is adjusted according to the number and type of houses sold.
But even the house price index rose more than 24% in May, the highest increase on record. But CREA said “prices are unlikely to rise significantly at the moment”, in part because monthly price increases are slowing, particularly in Ontario.
“maybe we finally have something else to think about instead of staying at home all the time,” said Shaun Cathcart, chief economist at CREA. For now at least, with the dawn looming and the lives of all of us beginning to return to normal this summer, the housing problem is likely to take a back seat. “