The Teranet-National Bank House Price Index fell by 6.9 per cent from March 2022 and March 2023. Prices may keep falling, only picking up next year.
A measure of Canadian home prices saw a year-over-year decline even worse than the previous record drop, during the 2008 financial crisis, according to a new report, released Thursday., an independently developed representation of average home price changes in 11 metropolitan areas across Canada, fell by 6.9 per cent from March 2022 and March 2023.
“I think that both sides, buyers and sellers, are on the sidelines right now, looking at where interest rates will go,” he said.In Toronto, the price index was down 12.1 per cent. The drop was higher in other GTA cities such as Oshawa and Barrie . Hamilton saw a drop of 13.5 per cent and Guelph a drop of 15.8 per cent.What happens next with prices, King said, hinges on what the Bank of Canada does — after eight consecutive increases itat its last two announcements.
“We’ll see probably another five per cent decrease over the next six months, so by the end of the year, but I think prices should pick up probably at the beginning of next year,” King added. Karen Yolevski, Royal LePage Real Estate Service CEO, said she’s not surprised to see such big price drops, “given that March 2022 was peak pricing in pretty much every market in Canada and prior to the beginning of the successive interest rate increases that we saw following that.”“Now, with buyer confidence returning we are not seeing an increase in the inventory of available homes, and that is putting some upward pressure on prices,” she said.
“It’s likely we’ll continue to see smaller drops or even some price gains as we now move forward into the year,”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CMHC reports annual pace of housing starts in Canada slowed in March - BNN BloombergCanada Mortgage and Housing Corp. says the annual pace of housing starts in March fell 11 per cent compared with February.
Read more »
CMHC reports annual pace of housing starts in Canada slowed in MarchCanada Mortgage and Housing Corp. says the annual pace of housing starts in March fell 11 per cent compared with February.
Read more »
How will the federal public servant strike affect you? Here’s everything you need to knowHow will the federal public servant strike affect you? The walkout by more than 100,000 federal government workers represented by the Public Service Alliance of Canada has hit the Canada Revenue Agency and Immigration, Refugees and Citizenship Canada.
Read more »
Explainer | How will the federal public servants’ strike affect you? Here’s everything you need to knowThe walkout by more than 100,000 federal government workers represented by the Public Service Alliance of Canada (PSAC) has hit the Canada Revenue Agency (CRA) and Immigration, Refugees and Citizenship Canada (IRCC).
Read more »
U.S. existing home sales see surprise drop in March, gold price trades at new daily highs
Read more »
British inflation falls less than expected in March as it remains highest in western EuropeWednesday’s data bolsters bets that the Bank of England will raise interest rates again in May
Read more »