A report released today by Royal LePage showed GTA housing prices up 2.1 per cent year-over-year to $1.09 million in the third quarter of 2022. However, that number is expected to drop to $1.08 million in the final quarter of this year, marking the third consecutive quarter of price declines.
Experts say the market is in the midst of a historic correction following skyrocketing home prices at the height of the pandemic, due in part to low interest rates and increased disposable income for many Canadians.
A women wearing a mask walks past real estate listings in Mississauga, Ont., on Tuesday, May 26, 2020. THE CANADIAN PRESS/Nathan Denette Royal LePage had initially predicted that the average price of a home in the GTA would top $1.3 million by late 2022, however it has now revised its forecast downward on multiple occasions.
“Many first-time buyers have put their purchase plans on hold for the time being, which has caused a surge in rental demand and sent rental prices skyrocketing over the last several months,” she said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Royal LePage predicts Ottawa home prices to end 2022 up 0.5 per centRoyal LePage predicted in July that the aggregate price of a new home in Ottawa would hit $813,670 at the end of the year in Ottawa. Now, the Royal LePage survey expects home prices to be $743,399.
Read more »
Royal LePage predicts GTA home prices will take another hit by end of yearIn July, Royal LePage said home prices were expected to hit $1.15 million. Now it’s $1.08 million — a drop of more than $72,000.
Read more »
Royal LePage lowers home price expectations, forecasts year-over-year decline in Q4 - BNN BloombergRoyal LePage is lowering its expectations for home prices in Canada and now says prices in the fourth quarter are expected to be down compared with the same quarter last year, erasing the gains made at the start of 2022.
Read more »
Royal LePage Lowers Home Price Forecast Following Unusually Slow SeptemberThere’s no denying that home prices have softened considerably throughout the year. And they likely won’t rise any time in the near future. Royal_LePage | realestate realestatenews housingmarket
Read more »
A recession in Canada will likely strike sooner than first predicted, Royal Bank saysEconomists advance their forecast from the second quarter of 2023 to the first quarter. Read on
Read more »
Police believe man found dead in Upper Mount Royal was murdered in Forest LawnHomicide investigators say there's reason to believe a 29-year-old man found dead in an alleyway in an affluent Calgary neighbourhood in the summer had been murdered elsewhere. yyc
Read more »