yonge city square condos.House prices remain high? Transaction volumes fell 3.5 per cent and new listings fell 8.8 per cent in July, according to data released by the Canadian Real Estate Association (Canadian Real Estate Association) on Monday. The number of homes sold has fallen for four months in a row.Please Visit: yonge city square condos to Get Your VVIP Registration Today!
Data show a decline in property listings in major Canadian cities, including Toronto, Montreal and Vancouver. About 3/4 of the country’s new market supply has declined. However, home sales in July are still well above the average of the past decade.
Sean Shaun Cathcart, chief economist at the National Real Estate Board (CREA), said: “the slowdown in home sales we have seen in the past few months is not surprising. Our economy is not back to normal, we are just back to the state before COVID-19, which is still far from normal. ”
The average price of a Canadian house sold on MLS is C $669200. This is below the all-time high of $716828 set in March 2021. CREA reported that its house price index had risen 22 per cent in the year to the end of July.
Rishi Sondhi, an economist at TD bank, said that while sales were likely to fall further, prices should rise in the coming quarters as demand remains strong. However, growth should be much slower than in the early stages of the pandemic, mainly due to the rising share of low-cost units in overall sales. The July data show that the market is actually cooling, but there is still a long way to go before it cools completely.
The rapid rise in house prices has also accelerated the pace of families who originally wanted to change homes. Small houses rise more, big houses rise less, and the rising stage of house prices is a hot time for small houses to change into big ones. In addition, new immigrants, who had been overstocked for more than a year, began to land in Canada in the second half of 2021. These two parts of demand also further stimulate house prices to some extent.
Again, Dawei is not an expert, and no one can accurately predict the future. In particular, the real estate price is affected by too many factors, it is more difficult to judge. I tend to trust my intuition on things I can’t control or judge, and analyze the nature of things in the simplest way.
To put it simply, my long-term judgment for Canada’s two major cities, Vancouver and Toronto, is that house prices will continue to rise. But the concept of “long-term” is 20-30 years, or even longer.
The reason is very simple. First of all, the greatest value of a house in North America is in land. For example, a house with a government share price of C $2 million may be worth only 30 or 400000, while the remaining more than 1 million are all land value.