Canadian Homes Prices Decrease Around Town
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The Canadian Real Estate Association says the country’s housing market continued to slow in September – a stark contrast from the flurried pace of sales the fall usually delivers.
Compared with a year ago, home sales in September were down 32.2 per cent. The actual national average home price was $640,479 in September, down 6.6 per cent compared with the same month last year.
Major cities like Toronto and Vancouver are reporting fewer sales and listings. On a year-over-year basis, new listings are down 1.5 per cent. Sellers seem content to hold out for better market conditions, or in the case of investors, to put their properties into the rental market.
However, there is no forced selling or dumping of properties which indicates a sort-of standoff in the housing market. The market remains on the tighter side of balanced.
With the Bank of Canada expected to hike its policy rate even more on October 26, forecasters predict a 22 per cent decline in average home prices between the start of 2022 and 2023.
Excerpt from Global News, October 14, 2022
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