The Housing Forecast in Canada alleviates After Sales Hitting a Five Year Low
Today, things are rapidly changing in the Canadian housing markets and the sales will alleviate this year, according to the latest forecast from one of the leading real estate group. CREA (Canadian Real Estate Association) has revised down the predictions it has previously made for Canada’s housing market. The fall is led by Toronto, as well as Vancouver, that also sees home sales falling 7.1% as compared to the last year. The sales drop in Ontario is about 12% and the Canadian Real Estate Association is expecting housing prices to fall by approximately 2.3% nationwide.
CREA said that in its forecast that the significant decline in the average price reflects a few transactions in Ontario. By the same number of tokens the price alleviates in these provinces also reflects the declined sales for the high priced houses in Toronto and Vancouver.
The average housing prices fell five percent year over year to $494,000, which is below the range of the CREA forecast this year. The largest monthly declines in the previous 3-quarters of the market is in Greater Toronto Area. The consistent drop in sales has followed the record-breaking peak late last year. It confirms that many home-buyers are postponing their purchase decisions before tighter mortgage rules took effect in January.