Home sales in Canada posted their worst start to the year since 2009 as January sales fell 37.1 per cent compared with the start of 2022 and prices continued to fall, the Canadian Real Estate Association said Wednesday.
in Canada posted their worst start to the year since 2009 as Januaryfell 37.1 per cent compared with the start of 2022 and prices continued to fall, the Canadian Real Estate Association said Wednesday.also fell three per cent compared with December.
Porter is looking for further price softness nationally in the months ahead because in the seven past housing corrections in Canada, it took three years on average for prices to hit the bottom and he adds we are just one year from the peak of last February. However, when carrying out the most recent rate hike, Bank of Canada governor Tiff Macklem said the bank will pause and assess the impact of higher rates on the economy and inflation.s that will fetch far less than their neighbours' did months ago and buyers deterred from making purchases because their borrowing costs are now steep, even asprices will have fallen by between 20 and 25 per cent from their peak. They had already dropped 10 per cent by early January.
Along with the interest rate hikes, he pointed to the implementation of a foreign buyers' ban and an anti-flipping tax.“On thefront, the ongoing weakness was well flagged by preliminary results from the major cities, and it simply extended a trend of heavy-duty declines from unusually strong activity during the pandemic,” he said.
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