Canadian real estate has seen a rapid growth in the last two years that did not seem to have an end in sight. Ontario seems to be the most pronounced province in these statistics. Here markets have seen a drop of up to $40k in just a few days. Is this a sign that the Canadian real estate market is falling?
Canadian Real Estate Statistics Showing Growth is Falling.
The last time Canadian growth has been equal to the growth found in March 2022($18,900) was December 2021. Growth in February 2022 came in at $43,200. Ontario real estate comes in with the most abrupt change. The worst-performing markets came from Cambridge(-$39,500), Kitchener-Waterloo($-14,500), Oakville(-$7,100), and Hamilton-Burlington(-$3,400). The only market outside of Ontario that has shown declines in March was Newfoundland. Not only is the Ontario market the one with the biggest slowdown, but it had previously shown the largest growth swing.
Smaller Markets Continue to Rise.
Halifax has seen a rise of $34km Bancroft, $32,800, and Kamloops, $29,300 in the month of March 2022. These three smaller markets have all continued to accelerate. Canada is split on prices, with some regions seeing huge price drops, while others have seen little to no impact on the rate of price hikes. March has seen a huge change in direction of the Canadian real estate market with little impact coming from interest rate hikes, as there was only one and it was tiny.
What are your thoughts on a potential decrease in housing prices? Is the Canadian real estate market showing signs of falling in the near future?
To read this full article, visit Most Canadian Real Estate Markets Have Slowed, Prices Fell Up To $40k In A Month – Better Dwelling.
To view up-to-date listings, as well as current, pertinent real estate information, visit XLR8 REALTY.
