m city condos location.Property prices skyrocketed across Canada. The real estate market across Canada has fallen sharply, with sales in Vancouver down 34.1% and Halifax down 25.5%.Please Visit: m city condos location to Get Your VVIP Registration Today!
Toronto, the most populous real estate area, surpassed these two areas, with sales falling by 41%. But this is the only city where house prices continue to rise against the market.
The Bank of Canada forced interest rate hikes to cool the overheated real estate market, which has also hit the housing market in southern Ontario, traditionally hot Toronto, has felt the power of regulation.
GTA real estate developers reported that 8008 homes were sold through MLS in April 2022. Compared with March 2022, it decreased by 27%.
“based on trends observed in the housing market in April, the Bank of Canada is achieving its goal of slowing consumer spending while fighting high inflation,” Kevin Crigger, chairman of the Toronto Regional Real Estate Board (TRREB), said in a statement.
“over the past four weeks, lending rates have risen sharply, prompting some buyers to postpone purchases,” he said. in the future, as we continue to recover and pay for these projects from the epidemic, the Bank of Canada will continue to strike a balance between fighting inflation and hampering economic growth and related government revenue. ”
TRREB noted that Canada’s most populous housing market “continues to adjust to higher borrowing costs, and as in previous interest rate tightening cycles, some buyers have turned to wait and see to determine how they will reposition in the market.”
Vancouver, another big housing market, also experienced a sharp decline in sales, which fell 34.1% last month compared with the same period last year. Only 3232 property sales were recorded in April 2022, compared with 4908 in April 2021.
But Daniel John, chairman of the Wendy property Bureau, does not seem desperate. He thinks this is a return to a more normal level.
“in the past two months, we have seen home sales slow down from last year’s record-breaking rate,” he said in a statement after the results were released. Although (one month) is still a small sample size, so far this spring, we have seen home sales return to a more traditional rate, giving buyers more time to make decisions, ensure financing and carry out other due diligence, such as housing inspections. ”
Property price growth in Dawen has also slowed, with all homes in the area-single-family villas, town houses and apartments-reaching 1.3745 million yuan in the MLS price index, an increase of 18.9 per cent over April 2021 but only 1 per cent compared with March 2022.
The John attributed the slowdown to higher interest rates and a new 5 per cent tax on empty homes.
In another recently volatile market, the Nova Scotia Association of Realtors said the total number of homes sold by Halifax in April 2022 was 1350, down 25.5% from April 2021, but still the second highest level in its history for the month.
The rapid influx of people from other provinces has sent house prices soaring in Nova Scotia. The average price of Halifax-Dartmouth reached 603386 yuan in April, up 1 per cent from March.
Home sales in Montreal fell 17% from last year, the slowest April since 2017. A total of 5124 homes were sold in Montreal last month, down from 6164 in April 2021, according to the Quebec Realtors Professional Association.
In April 2022, the median price of single-family homes in downtown Montreal rose 16 per cent to 580000 yuan, while apartment prices rose 15 per cent year-on-year to 410000 yuan, the committee said.
A different situation has happened in Calgary. The Calgary Real Estate Board reported that the benchmark price there reached 526700 yuan in April, an increase of 17% over the same month last year. As the Financial Post points out, this shows that higher interest rates have not slowed demand as the province’s economy recovers.
CREB points out that although buyers slowed their purchases of semi-detached and town houses in April, sales levels are still historically strong.
A total of 3401 homes were sold last month, up 6% from a year earlier and a record high in April. But the sales rate is slightly lower than in March.