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Canadian home sales took a breather in December but were still 10% higher in the fourth quarter compared to the third quarter as the Bank of Canada cut borrowing costs, data from the Canadian Real ...
"Sales rose by 35% from a year ago for homes priced above $1 million, while sales fell for homes priced under $250,000." First-time homebuyers accounted for 31% of home sales in December, up from ...
Instead, by the end of 2021, the Canadian Real Estate Association's House Price Index had risen by 26.6%, the fastest annual pace on record. [50] Condominiums accounted for the bulk of new housing in BC (54%) and Ontario (59%), [ 51 ] and investors constituted an increasing share of the buyers of these units (41% in Ontario).
Prospective homebuyers that exited the market in 2023 due to high home prices and mortgage rates may fare better in 2024. A new Realtor.com report predicts that the average mortgage rate in 2024 ...
The economic downturn significantly affected Canadian households in several ways. Official statistics indicated a 25% increase in food inflation and a 30% rise in energy costs since the COVID-19 pandemic. Provincial sales taxes ranged from 13% to 15%, further impacting consumer spending power.
A 2019 Royal Bank of Canada RBC Economics report on home affordability said that, in 9 of the 14 market areas they track, a majority of Canadian families are able to purchase an average home. [90] The most affordable markets are Saint John, St. John's, Regina, Quebec City and Halifax, while the least affordable markets are Vancouver, Toronto ...
Growing home prices. Housing experts say home prices will continue to rise for the rest of 2024. Fannie Mae forecasts a nearly 5% price appreciation by the end of 2024. NAR predicts the year-end ...
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