bravo festival condos review.The market will fall by another 15%. With house prices falling, a large number of Canadians are now waiting for house prices to hit rock bottom.Please Visit: bravo festival condos review to Get Your VVIP Registration Today!
Experts also predict that house prices may fall by another 10-15%, and many people also think that “patience” means success. But the continued rise in interest rates is likely to offset the decline in house prices.
A young couple in Toronto is one of many buyers who are waiting for lower prices.
About a year and a half ago, Toronto resident Andrew Hamilton (Andrew Hamilton) and his wife made a big decision. They sold their house in the Junction neighborhood and are going to wait for the house to go down before buying it.
As they have not been able to find a suitable source of housing to meet their new budget, the couple have to use the money to sell the house to rent in Etobicoke for the time being.
But they are still watching the housing market and hope that prices will continue to fall until they can afford to buy another house.
Hamilton’s view is now common throughout the real estate industry, especially for potential buyers, who have been upset by the sharp rise in the Canadian real estate market in recent years.
But many people think that 2023 may be a year for their luck to change.
Canadian house prices have fallen steadily since last spring, bidding wars have been less frequent, and economists expect the Bank of Canada’s (Bank of Canada) rapid and successive rate hikes to come to an end. At present, these interest rate increases have increased the monthly mortgage loans of borrowers by hundreds or even thousands of Canadian dollars.
“it just takes time now,” said Despina Zanganas, a real estate agent at PSR Brokerage in Toronto.
She expects buyers who postpone buying homes to feel more comfortable this year as the property market changes.
People say they don’t have to take part in a bidding war or make an unconditional offer. Now, they are free to make conditional offers, which gives a lot of people more confidence. ”
However, there is at least one major change in the future, which may happen soon.
Economists have been predicting that Canada will fall back into recession in 2023, although it is not clear how severe the recession will be.
Douglas Porter (Douglas Porter) thinks there is a 25-30 per cent chance of a soft landing for the Canadian economy, when inflation and interest rate hikes will gradually end, helping to avoid a recession.
But the probability of falling into a recession is significantly higher, with Porter estimating that Canada has a 50 per cent chance of a mild recession and a 20 to 25 per cent chance of a “more serious situation”.
“all of this will have an impact on the property market,” said the chief economist at BMO Bank Capital Markets (BMO Capital Markets).
“obviously, the smaller the blow to the economy, the better it will be for the housing market.”
Even under the current circumstances, he believes that the real estate market is one of the weakest parts of the economy, a phenomenon that has not been seen for years, or even decades.
He predicts that by the end of this economic cycle, house prices will fall by 20% to 25% from their peak. He points out that house prices have fallen by 10%, which means they will fall by another 10% to 15%.
The Canadian Real Estate Association (Canadian Real Estate Association,CREA) said last month that the real average house price in Canada in November was C $632802, down 12% from the same period last year.