Canada's housing market is slowing. Sales volume is down a third and average prices have dropped 10%. Several factors are blamed, including the Bank of Canada's interest rate hikes. Although CREA tries to put a positive spin on the data, suggesting things might be getting better, the reality is listings are sitting longer and price reductions are happening.
If a market slowdown doesn't excite you, and you are considering your options, contact us to see how we can help!
As unemployment dampens the hot real estate market, home prices could drop 7% across Canada forecasts Moody's Analytics, Inc. Oversupply and affordability issues combined with the poor condition of the labour market will lead to the decline.
If a COVID-19 vaccine comes out, it is possible that home prices will bounce back in 2022, the report suggests.
If a market slowdown won't help your income and you are considering your options, contact us to see how we can help!
According to the Swiss Bank, Toronto has the 3rd largest housing bubble in the world, beating out Vancouver, New York, Hong Kong and San Francisco. Placing 3rd in the Bank's score of world cities, only Munich and Frankfurt scored higher. This is the third year for Toronto to be in a housing bubble. The current high prices combined with the strong Canadian dollar could cause problems once the pandemic restrictions are lifted.
If a bubble bursting isn't in your plans and you are considering your options, contact us to see how we can help!