The general perception of Canadian real estate is that it is a stable and desirable investment. Canada has a strong economy and a stable political environment, which makes it an attractive place to invest in property. The country also has a high standard of living and a strong social safety net, which makes it a desirable place to live.
In recent years, the Canadian real estate market has been on a steady upward trend. The average home price in Canada has been increasing, particularly in major cities such as Toronto and Vancouver. This has been driven by strong demand from both domestic and foreign buyers. However, there has also been some concern about a potential housing bubble in these cities, with some experts warning of a potential crash in the market.
In a nut shell, the general perception of Canadian real estate is that it is a safe and desirable investment, with the potential for strong returns. While there are concerns about the housing market in some major cities, the government has taken steps to address these concerns and prevent a potential crash. As with any investment, it is important to do your own research and consult with a professional before making a decision.
Canadian Home Sales Edged Up to End 2022
Ontario Housing Market Report for December 2022: Average Price Drops 12.2%, Sales and Listings Also Decrease.
The Canadian Real Estate Association (CREA) has released statistics for December 2022 showing a decline in the average price of homes sold across Ontario, down 12.2% from the previous year. New listings have also decreased by 9.5% and home sales have dropped by 41.3%.
The benchmark price for various regions within Ontario The average price of homes in Greater Toronto is $1,081,400, in Hamilton-Burlington is $803,200, in London & St. Thomas is $566,600, in Mississauga is $1,030,100, in Niagara Region is $631,600, and in Ottawa is $610,800.
CREA: Dec 2022 home sales up 1.3%, prices down 1.6% MoM, 7.5% YoY
The Canadian Real Estate Association (CREA) released statistics showing that national home sales were up on a month-over-month basis in December 2022. The number of newly listed properties dropped 6.4% month-over-month, and the MLS® Home Price Index (HPI) declined by 1.6% month-over-month and was down 7.5% year-over-year.
The actual national average sale price posted a 12% year-over-year decline in December. CREA’s Chair, Jill Oudil, states that the housing market’s adjustment to higher rates may be mostly in the rear-view mirror and that demand for housing continues to grow and supply remains the biggest issue.
Home sales drop 1.5% in December, the slowest pace since the 2010 crisis, as high mortgage rates and prices weaken affordability.
The National Association of Realtors (NAR) reported that sales of previously owned homes dropped 1.5% in December from the previous month, and ended the year at a seasonally adjusted, annualized pace of 4.02 million units, which was 34% lower than December 2021.
The slowest pace since November 2010, when the nation was struggling through a housing crisis brought on by faulty subprime mortgages. High mortgage rates and sky-high prices have caused supply to fall sharply and weakened affordability, leading to 11 straight months of falling sales. However, Lawrence Yun, chief economist for the Realtors, expects sales to pick up soon since mortgage rates have markedly declined after peaking late last year.
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Arsh Syed, a real estate agent in Toronto, offers services to help property owners buy, sell, or rent their homes and manage the transaction.
He aims to establish relationships and provide exceptional service to improve the housing crisis in Toronto. By hiring him, property owners can reduce risks, save time, and save money.
For more information about his services, you can visit https://www.real-estate-in-toronto.com or contact (416) 844-2217.
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