Harbourwalk condos.Is Vancouver real estate really popular? At the beginning of 2022, independent house prices rose sharply from a year earlier, but higher interest rates damped prices in the Greater Vancouver and Greater Toronto areas in the second quarter.Please Visit: Harbourwalk condos to Get Your VVIP Registration Today!
A report released by RE/MAX in Canada shows that in the Greater Toronto real estate market, the average price in the Central and West sides of the 416 remains relatively stable, while Durham, Peel, York and Halton and Dufferin have abandoned some of the amazing gains achieved in recent years. Preliminary second-quarter median prices for the Squamish area of Greater Vancouver and Sunshine Coast are similar to those for the first quarter, while West Vancouver and Vancouver West / Howe Sound rose moderately.
Alexander, president of Canada’s RE/MAX, said growing political concerns, soaring inflation and interest rate hikes by the central bank had changed the mood of buyers almost overnight. These rapid and fierce growth has contributed to the downward trend of home sales and house prices, but this is actually a double-edged sword for people’s affordability to buy homes.
The value of the Greater Toronto real estate market in the second quarter was 10% to 15% lower than in the first quarter, Durham (- 14.6%), York (- 12.9%), Horton (- 12.7%), Dufflin (- 12%) and Pierre (- 11.2%). Only 15 per cent of the GTA market, compared with the first quarter, the average price rose in the second quarter. The specific data are as follows:
75% of the market in the Greater Vancouver area declined in the second quarter, down from its peak in the first quarter and showing an overall downward trend. Of this total, Whistler fell slightly more than 30 per cent, northern Delta fell nearly 13 per cent, and Langley fell about 3 per cent, with the Feisha valley in the middle of the quarter. Squamish and Sunshine Coast were unchanged from the previous quarter, while Wenxi rose slightly by 2.4 per cent and Xiwen by 8.2 per cent. .
Although the real estate market in the Greater Vancouver area was briefly affected in the first two months of the outbreak, the purchasing power of houses has increased as more and more people work from home and their savings have gradually accumulated. In the second half of 2020, the real estate market in the Greater Vancouver area began to rebound strongly and reached an all-time high in 2021.
According to the Vancouver Real Estate Board (Real Estate Board of Great Vancouver) report, residential sales in the region totaled 43999 in 2021, up 42.2 per cent from 30944 in 2020, 73.6 per cent from 25351 in 2019 and even 4 per cent from the record sales of 42326 set in 2015.