Forma Condo For Sale.Canadian house prices fell 13% that month! The Canadian real estate market continues to cool, with the average selling price of Canadian homes falling by more than C $100000 in the past three months to C $711000 in May.Please Visit: Forma Condo For Sale to Get Your VVIP Registration Today!
While May is usually a strong month for home sales, the Canadian Real Estate Association (CREA) said on Wednesday that home sales fell sharply, down 20 per cent compared with the same period last year.
As the pandemic spread, Canada’s real estate market rebounded strongly, with prices and sales hitting record highs for most of the past two years.
But that momentum has changed significantly in recent months as lending rates cut in the early stages of the pandemic began to rise making mortgages more expensive and reducing the purchasing power of buyers.
CREA says the average price of a house sold in Canada last month was C $711000. This is down more than 13% from the all-time high of C $816720 set in February 2022.
“if we saw house prices fall by 10% after the beginning of 2017, and the situation at that time was not as frothy as it is today, so we can see it fall even more today.”
‘falling house prices and some asset losses for homeowners may not be a problem for the Bank of Canada, ‘Mr. Kavich said.
Because average house prices in Canada soared during the pandemic, prices rose 26.6% year-on-year in 2021, according to the Canadian Real Estate Association. He believes that the value of these homes has even adjusted back by 15%, which will not cause most families to go backwards.
The Bank of Canada aims to curb inflation, and their first priority is to get inflation back within the 3% range. If falling house prices are a side effect of this situation, the central bank will have to let it go. ”
According to a report by the Toronto Real Estate Bureau in February, the average price of a detached house in the Greater Toronto area is about C $1.8 million, while the price of a detached house in the Toronto area is 2.07 million.
2.12 million in Wanjin City and 2.15 million in Richmond Mountain, which are inhabited by Chinese in the north.
According to BMO bank experts, if house prices were to fall by 15%, the prices of detached houses in Toronto, Manjin and Richmond Hill would fall by about $300000.
