yonge city square condos floor plans.What kind of house can I buy in Vancouver in 1 million? Since the Canadian central bank began a series of interest rate hikes, “how much house prices have fallen everywhere” has become one of the most concerned points for Canadians.Please Visit: yonge city square condos floor plans to Get Your VVIP Registration Today!
The latest statistics from Statistics Canada (Statistics Canada) show that new home prices in Canada fell 0.2% month-on-month in January, and higher mortgage rates continue to put downward pressure on new home prices.
Statistics Canada said, “as the Canadian central bank raised the policy rate by another 25 basis points, borrowing costs rose again in January, reaching 4.5%.” And, according to the Canadian Mortgage and Housing Corporation (CMHC), the number of single-family homes completed but not sold in December 2022 increased by 18.7% compared with the same period in 2021.
In fact, cork prices fell again in January, down 61.2% since their peak in March 2022. In other words, the construction costs of builders have been reduced. The decline in new home prices can be partly attributed to this.
According to figures given by Statistics Canada, house prices fell in three main places in Canada in January, with the largest decline in new home prices in Winnipeg (- 1.3%), followed by Victoria in BC (- 1.1%) and Kitchener-Cambridge-Waterloo in Ontario (- 0.9%). The national average house price in Canada was C $612204 in January, down 18.3 per cent from a year earlier. Benchmark house prices are now down 15% from their peak in February 2022.
In January, the Canadian Real Estate Association (CREA) predicted that house prices could fall nearly 6 per cent this year compared with 2022. In 2022, due to the wait-and-see attitude of both sellers and buyers, the real estate market is relatively depressed.
This time, the Canadian Real Estate Association predicts that 495858 homes will change hands in 2023, based on summer sales stabilizing “more or less”. The Canadian Real Estate Association also boldly speculates that the average house price in Canada will reach C $662103 in 2023.
Looking back at Statistics Canada, new home prices rose 2.7% year-on-year in January 2023, significantly lower than the 11.8% year-on-year increase reported in January 2022, when the market was still hot.
In January 2023, the ratio of sales of second-hand homes to new listings in Canada was 57.8, compared with 77.9 in January 2022, indicating that the market is cooling.
What’s the situation in different areas? In January 2023, new home prices in Calgary had the largest year-on-year increase (+ 10.9%), followed by Windsor, Ontario (+ 5.9%) and Quebec (+ 5.3%).
On the sales side, CREA noted that sales in January hit a 14-year low, down 37.1 per cent from a year earlier and 3 per cent from a month earlier.
What can I buy with $1 million in hand now?
Although house prices have fallen in many parts of Canada, it is still not an easy task for Canadians to buy a house.
For loan buyers, the average rent in many places continues to rise, and the return space for buyers is also shrinking. And rising interest rates inevitably make abacus buyers wonder whether the shift from renting to buying is worth it.