Average Canadian house price fell 12% last year, new CREA numbers show | 24CA News
The common value of a Canadian residence that offered in December was $626,318, a decline of greater than 12 per cent from the place it was the identical month a 12 months in the past.
The Canadian Real Estate Association, which represents greater than 150,000 realtors throughout the nation, launched new numbers in regards to the nation’s housing market on Monday, displaying that the variety of houses offered and the costs they fetched had been each sharply decrease in December than they had been the identical month a 12 months earlier.
Sales fell by greater than 39 per cent from December 2021’s stage. And costs had been additionally nicely down from a mean of $713,500 on the finish of 2021, and a peak of $816,720 reached in February 2022, earlier than the Bank of Canada began aggressively elevating lending charges.
The realtor group says the typical promoting value could be deceptive since it’s simply skewed by gross sales of pricey houses in locations like Toronto and Vancouver. So it tabulates a unique quantity — generally known as the House Price Index — that adjusts for the amount and sort of housing offered.
The HPI was down by 13 per cent from its peak final 12 months, with Ontario and British Columbia seeing the largest declines, whereas nearly in all places else noticed both small declines and even slight will increase in some instances.
On an annual foundation, the HPI went up by 2.4 per cent in Victoria, 8.6 per cent in Calgary, 6.4 per cent in Quebec City and 6.3 per cent in Halifax, CREA says.
In Saskatoon, the place Guylaine Patenaude lives, the market is actually flat, however that fits her simply tremendous. She lately offered the condominium she has owned within the metropolis for 15 years, and is now on the hunt for one thing bigger.
She’s relieved to have offered, and says it is good to have the ability to be somewhat picky on what she hopes might be her perpetually residence. And even after the uptick in lending prices, mortgage charges proper now are about the identical as what they had been the primary time she purchased, in 2008.
“That’s encouraging in the sense that I can still afford what I hope to afford,” she informed 24CA News in an interview.
Rishi Sondhi, an economist with TD Bank, says that whereas it is clear that Canada’s housing market has cooled considerably from its red-hot standing earlier within the pandemic, the numbers for December “signal that a bottom in the housing market may be forming.”
Prices fell by 0.3 per cent on a month-to-month foundation, the smallest decline for the reason that market started correcting in March.
“With new listings dropping significantly last month and the level remaining low, there are no real signs so far that forced selling is dominating the supply picture.”
