Festival condos project.The average selling price of homes in Canada fell in March. Canada’s red-hot property market showed signs of cooling in March as the number of homes sold in March and average selling prices fell from the previous month.Please Visit: Festival condos project to Get Your VVIP Registration Today!
The Canadian Real Estate Association (CREA), which represents more than 100000 real estate agents across the country, reported on Tuesday that the average price of a house sold on Multiple Listings Service was C $796000.
That is down about 3% from last month’s all-time high of C $816720, and there has been a noticeable change in direction after Canadian house prices fell unprecedentedly for much of two years.
“although the housing market is still very active, house price growth must have slowed in March compared with February,” said Jill Oudil, chairman of CREA. “there will be no trend in a month, so we will have to wait to see if this is the beginning of the long-awaited cooling of the housing market.”
The average selling price of homes has fallen, and so has the actual number of homes sold. Total sales in March were 5.6% lower than in February. About 54957 houses were sold in March. This is down 16% from the record sales of nearly 67000 units in the same period last year.
March is usually a month of strong home sales, but it was the biggest monthly decline since June.
Although lower than in February, the average selling price is still up more than 11 per cent from a year ago. But that growth is also slowing. The annual growth rate in March was about half the annual growth rate of 20% in February.
On the other hand, the markets in Calgary and Edmonton in Alberta are currently in balance, which is expected to continue until 2021. The luxury market in Edmonton will remain strong and does not seem to be affected by the epidemic. Average home prices in both regions are expected to rise by 2 per cent and 3 per cent next year.
According to Ontario’s RE/MAX broker network, market activity across the province is expected to remain stable in 2021, with average sales prices in some regions likely to rise by 7 to 12 per cent-10 per cent in London, 7 per cent in Kitchener-Waterloo, 7 per cent in Hamilton-Burlington, 12 per cent in Niagara, 10 per cent in Kingston, 10 per cent in Cornwall and 10 per cent in Sandbe. In addition to the fact that the supply is less than the demand, the housing purchase trend turning to livable factors has also become the reason for the rise in house prices. People began to pursue houses with larger interior space and backyards, and closer to amenities such as parks.
Buyers who upgrade for homes are also affecting the luxury housing market in the province. Demand for luxury homes in cities such as Ottawa and Hamilton-Burlington has increased significantly since the start of the pandemic and is expected to continue in 2021.