Langstaff Gateway Condos prices.Where is the place where house prices in Canada are most resistant to fall? The Greater Vancouver area, Saskatoon and Winnipeg are among the most resistant to falling house prices in Canada, according to a survey of how much house prices have recently fallen in Canada.Please Visit: Langstaff Gateway Condos prices to Get Your VVIP Registration Today!
Although the number of residential transactions in Dawen fell to a 38-year low in April, house prices in the area remained strong, rising by 2% between February and April, compared with a 10% drop in Greater Toronto. Saskatoon rose the most, with 10% and Winnipeg by 7%.
According to the statistics of the Canadian Real Estate Association CREA analyzed by the real estate company Zoocasa, it is found that affected by the COVID19 epidemic, many Canadian real estate markets have moved from the original seller’s market to a balanced supply and demand market.
In terms of home sales, Canadian sales fell 46 per cent in April, from 38161 in February to 20630 units in April, compared with February 2020.
In terms of home prices, the average house price in Canada was C $488203, compared with two months ago in February 2020. The average house price is 10% lower than the average price of 539724 yuan in February.
From the perspective of Canada’s 20 urban regions, the largest price cuts are concentrated in the east, namely, Toronto, Ottawa and Hamilton Burlington, while the biggest price increases in the past two months are concentrated in the Cassi region. Saskatoon, Greater Winnipeg.
According to the statistics of major cities, most areas, Ottawa and Hamilton Burlington, are the hottest areas of the housing market in Canada, with house prices falling by as much as 10%, 7% and 5%, respectively.
Most areas are even more bleak, with prices falling and home sales falling sharply, with sales in most markets down 59% compared with February sales figures.
Compared with February, the worst decline in transaction volume was also in the previously strong region of Montreal, where the housing market fell by 65%. However, housing prices in the area changed slightly, falling by only 1%.
For February, Dawen’s prices were still strong, remaining firmly among the most expensive in Canada, up 2% from February 2020, with an average house price of 1.03 million. The volume of housing transactions fell by nearly half 49%, with a turnover of 1119 units.
In addition to Dawen, house prices in the other two grassland areas have increased significantly, but from the point of view of rising prices, they all maintain the advantage of low prices:
Saskatoon with the biggest increase: average price in April 2020: $327, 539, up $29815 from February (up 10%).
The average price of Winnipeg, the third largest city in April 2020, was $313j022, up $20952 from February.
In most areas where prices have fallen the most, house prices have fallen by nearly 100000.
In the Greater Toronto area, the average price in April: $821,392, down $88898 from February.
Ottawa area: April average price: $475, 487, down $34652 from February (down 7%).
Hamilton Burlington area: April average price: $6141.412, down $32255 from February (down 5%).
CMHC predicts that house prices will fall by as much as 18% in the next 12 months.
The Canadian mortgage and housing company (Canada Mortgage and Housing Corp.,CMHC) has warned that if the novel coronavirus epidemic continues to drag down GDP growth, Canadian household debt levels will hit a record and house prices in Canada will fall 9 to 18 per cent in the next 12 months.
Evan Siddall, president and CEO of CMHC, said in testimony to the House Finance Committee that due to the influence of novel coronavirus, the total amount of defaulted mortgages in Canada could reach 9 billion yuan, according to Nationalpost. If Canada’s economic situation does not improve, as many as 20% of mortgages could default.
The Canadian Housing Authority says consumer debt levels in Canada will continue to soar as homeowners struggle to repay expensive mortgages, adding to novel coronavirus’s already high debt burden before the pandemic.
Pierre Poilievre, a Conservative MP, called the figure frightening and added new pressure on Canada’s unusually high household debt, of which about 2/3 were mortgages. Various organizations, including the International Monetary Fund (IMF), have warned that Canadian consumer debt levels are unsustainable.
According to CMHC estimates, Canada’s household debt-to-GDP ratio could reach 130 per cent in the third quarter of this year, up from 99 per cent before the novel coronavirus pandemic. Meanwhile, the ratio of household debt to disposable income is likely to rise sharply from 176 per cent to 230 per cent in the third quarter.