Pace of real estate slump quickens; sales and average prices down from last year
Canada’s housing market continued its slowdown final month, with the typical promoting value of a house touching $665,850 — a decline of just about 20 per cent since February.
The Canadian Actual Property Affiliation (CREA), which represents greater than 100,000 brokers, brokers and salespeople throughout the nation, mentioned Friday that the amount of dwelling gross sales fell by 5.6 per cent throughout the month, and is down by nearly one-quarter in comparison with final yr.
“Exercise continues to sluggish within the face of rising rates of interest and uncertainty,” CREA chair Jill Oudil mentioned in an announcement.
After rising at a fast tempo for a lot of the pandemic, greater rates of interest slammed the brakes on Canada’s housing market this spring.
Common promoting costs have declined each month since February 2022, and are down by 1.8 per cent in comparison with what they have been a yr in the past.
Many of the largest value declines have been seen in markets in Ontario, the place some suburban markets have seen costs double since 2019.
Costs have additionally eased in components of British Columbia, though Vancouver continues to see beneficial properties. Costs proceed to be kind of flat throughout the Prairies, whereas solely simply now exhibiting small indicators of declines in Quebec. On the East Coast, costs are principally persevering with to rise however seem to have stalled in RisePEI-Dartmouth, CREA mentioned.
