8 elm condos.Canadian house prices will fall sharply in the coming year. According to a recent report released by the Royal Bank of Canada (RBC), there will be a “historic correction” in the Canadian real estate market, with resale volumes in British Columbia and Ontario falling 45 per cent and 38 per cent respectively in 2022 and 2023, respectively, and the house price index will fall more than 14 per cent from its quarterly peak.Please Visit: 8 elm condos to Get Your VVIP Registration Today!
House prices in Greater Toronto, Ontario soared during the COVID-19 epidemic and have fallen for four consecutive months since March, affected by successive interest rate hikes by the Bank of Canada, the report said. The latest figures from the Toronto area real estate board show that sales fell 41% in June from a year earlier, with an average house price of C $1.146 million.
The report predicts that average house prices in Canada will fall by about 12 per cent by the second quarter of 2023 from their peak in February 2022. The report expects the “revision” to last about a year and end around the first half of 2023, but a deeper and longer recession cannot be ruled out.
However, Robert Hogue, assistant chief economist at Royal Bank of Canada, said in a report that a “crash” in the Canadian property market was not yet expected.
In Quebec, the average house price in November 2021 is $471195. The cheapest major housing market here is in Saguenay, about 200km north of Quebec City, where houses sell for an average of $225282, up 7 per cent from the previous year.
People looking for cheap homes to sell in Canada will turn to Canada’s Atlantic region, one of the forecasts for the real estate market in 2021.
In November, the average house price in the new province was $270600, up 32.9% from the previous year, the lowest of all Canadian provinces.
The cheapest housing market in the province is concentrated in the north, including seaside villages on the north coast. The average house price here is $167100, up 36.2% from November 2020.
The average house price in the province in November 2021 is $322300. The cheapest in the main housing market here is St. John, where the average house price is $289400, an increase of 7.2% over the previous year.
