Canada, along with Australia, are stand out countries, for sky-rocketing house prices. Canada has grown 24 percent since 1999, and Australia 18 percent. Despite the doom and gloom for sellers, some have managed to secure a modest, comfortable home in one of the larger cities of Canada.
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Boom in Toronto
Regional differences in Canadian house prices are as diverse as the geography. As Toronto house prices begin to stabilize, bidding wars are making a comeback. This is happening despite the recent cooling off in the housing market.
The cooling off is a result of government intervention, tightening mortgage regulations, and imposing taxes on foreign buyers. With interest rates falling, it’s having the desired effect of bringing enthusiasm back to the markets. The average selling price has lifted 3 percent this year to CAD 832,703.
Location, Location, Location
The data on house growth and declines depends on location. Sales rose in Vancouver by 12%, Calgary also increased by 3.9%, and Montreal by 2.7%.
A Buyer’s or Seller’s Market?
The housing market has shifted from a seller’s market to a buyer’s market. Only the Northeast saw a rise in sales activity. Home prices are still showing increases, but they are nothing that they were like in recent years.
It looks like 2019 will be a buyer’s market in real estate. Home prices are higher than a year ago but are pulling back in most markets.
A Light on the Horizon
Recent data, according to the Wall Street Journal, indicate a pick up in real estate sales across Canada, after a slowdown, fueled by new government regulations. Canadian households were among the most indebted in the developing world.
Canada Real Estate Association expects a recovery in home sales to gain momentum in the second half of 2019. This is mostly due to new government measures aimed at getting younger people into the market and a guarantee that interest rates won’t rise again this year.
The time has never been better to buy your first home or upscale from your present house. Our advice is to get in, while the going is good.