Canadian housing market - 2022: surprising trends
What is happening to real estate prices?
Canada's housing market continues to shake, with the Canadian Real Estate Association (CREA) saying Friday that sales in June were down 23.9% from a year earlier. The biggest four-month drop is in the most popular areas: Greater Toronto, Big Vancouver, Calgary, Edmonton and Hamilton-Burlington. Among the provinces, the palm is held by Ontario.
"Sales activity continues to decline amid rising interest rates and uncertainty," CREA Chairman Jill Udil said in a statement.
In this regard, there has been an entirely surprising trend for the usually red-hot housing market: the average Canadian real estate price has dropped 1.8% since last June to $655,850 CAD. This is especially striking now, after February hit record highs, with prices down 18% from February to June, that's more than $150,000 CAD in recalculated values.
As of June, the average price of real estate in Canada was $541,350 CAD (the figure does not include rates for the Greater Toronto Area and Vancouver, the two most expensive areas of the country).
For Toronto, the Regional Real Estate Board reported that sales for June were down an unthinkable 41.4% from a year ago, and the average price was $1,246,254 CAD, down $200,000 CAD from the February record.
In addition, another trend has emerged: so-called delisting. John Paschalis, president of a Toronto-based brokerage firm, talked about this phenomenon in his interview: in the current situation, sellers have begun to withdraw their properties en masse from sale.
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