Home prices have steadily declined since last spring, bidding wars are less frequent and economists foresee an end to the Bank of Canada's quick succession of interest rate hikes that have added hundreds, if not thousands, of dollars to monthly mortgage…
Andrew Hamilton and his wife bid farewell to their home in Toronto's Junction neighbourhood roughly a year and a half ago, when housing prices were soaring, but finding a new abode proved tricky.
But there's at least one major change that could be on the horizon. Economists have been predicting 2023 will be the year Canada enters another recession, though it's unclear how severe the downturn will be. The Canadian Real Estate Association said last month that the actual national average home price was $632,802 in November, a 12 per cent decline from the same month last year.
Allison Van Rooijen, vice-president of consumer credit at Meridian Credit Union, estimated the latest hike — half a percentage point in December — would bump payments on a $450,000 variable-rate mortgage on a 25-year amortization up another $130 or so every month. Since the beginning of 2022, rising rates have amounted to roughly $1,000 more per month for the same mortgage.
A day earlier, the Real Estate Board of Greater Vancouver reported the composite benchmark price now sits at $1,114,300, a three per cent decrease from December 2021, and on Tuesday, the Calgary Real Estate Board revealed the average price was up four per cent to $495,231.
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