The Canadian Real Estate Association says the national home price index fell 1.6 per cent to $777,200 in August from the month before on a seasonally adjusted basis
Canada’s real estate association slashed its home price forecast for the year, as values declined for the sixth straight month in August with smaller Ontario cities shouldering the largest declines.
Activity has slowed considerably in Ontario cities that were hotspots during the first two years of the pandemic. Over the past six months, the typical home price is down by at least 10 per cent in much of southern Ontario and regions near the city of Toronto. That includes Barrie, Brantford, Guelph, London and Simcoe. Cambridge is down nearly 19 per cent over that period and the Oakville-Milton area, a wealthy area west of the city, has declined by 17 per cent.
In August, the number of resales fell 1 per cent from July on a seasonally adjusted basis. CREA said this was the first month that activity was relatively steady compared to the start of the downturn in February. Jill Oudil, Chair of CREA, said this “could be an early sign that this year’s sharp adjustment in housing markets across Canada may have mostly run its course.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CREA lowers expectations for home sales and price growth for 2022The Canadian Real Estate Association is cutting its forecast for home sales this year and lowering its expectations for price growth.
Read more »
CREA lowers expectations for home sales and price growth for 2022The Canadian Real Estate Association is cutting its forecast for home sales this year and lowering its expectations for price growth.
Read more »
Real estate: Canadian home sales fall for sixth straight month - BNN BloombergCanadian home sales edged down one per cent month-over-month in August, according to the Canadian Real Estate Association (CREA) another sign the rising cost of borrowing is taking a toll on residential real estate.
Read more »
GST rebate hike makes sense but permanent fix needed to combat inflation: economists - National | Globalnews.caThe federal government officially announced on Tuesday it will double the GST rebate for six months to help lower-income Canadians facing a rising cost of living.
Read more »
Four-time Olympian and moguls specialist Chloe Dufour-Lapointe is retiringVANCOUVER — Six months after becoming the first Canadian freestyle skier to compete in four Olympic Games, Chloe Dufour\u002DLapointe is retiring.
Read more »