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Overall, 2018 was a depressed year for the housing market. By the end of the year, the property market in many countries and regions around the world has cooled down one after another. In addition to Australia, the most obvious “fall in volume and price” in the real estate market includes Canada. In addition, subject to the economic slowdown and other disruptive factors, the real estate market in the United States and Britain is also experiencing a significant cooling.
Among them, the Australian real estate market recorded the biggest decline in a decade, with average house prices falling nearly 5% in 2018, according to data from local research institutions. By the end of 2018, average house prices in Sydney, Australia’s largest city, were down more than 11 per cent from their 2017 peak, surpassing the peak-to-trough decline during the recession 30 years ago. Some analysts said that the Australian property market has “entered the winter” and is expected to remain weak in 2019.
The Canadian property market is also one of the markets where house prices and trading volume have fallen sharply. The latest figures from the Canadian Real Estate Association (CREA) show that Canadian home sales have declined for four consecutive months as of December 2018. The national average house price fell to $472000, down 4.9% from the same period last year. National home sales in Canada fell 19% in December compared with the same period last year, and overall sales were 12% lower than the average in December over the years. In November 2018, the national housing transaction volume in Canada fell 2.3% from the previous month, and prices fell 2.9% from a year earlier. In October of the same year, the price index of new homes in Toronto fell 1.4% from a year earlier, the biggest drop in 22 years.
The housing market is still in trouble, with prices falling in eight of the 11 cities covered by the index in October, according to the latest house price index from the National Bank of Canada. CREA said rising interest rates and strict loan vetting rules will continue to dampen the mood of potential home buyers, and Canadian home sales are likely to fall to a 10-year low in 2019. CREA expects home sales to fall 11.2% from a year earlier to 458000 units in 2018, a five-year low. In 2019, home sales and prices will be “constrained”.
