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Real Estate Slowdown Continues

The number of houses sold in Canada has fallen by 20 percent and the average price sold in August was $637,673.

The number of houses sold in Canada has fallen by 20 percent and the average price sold in August was $637,673.

The total number of home sales has gone down 24% as compared to last year. The average selling price has also hit an all-time high of $816,720 in the month of February.

Nasma Ali, the founder of real estate brokerage One Group, told the source, “People are much more cautious and fearful of jumping into the market right now, It’s not just rates, [it’s] inflation, the economy, and a looming recession.”

Where the buyers of Toronto are advised to be cautious, the market in Vancouver is seeming to be in the favor of the buyer.

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Many realtors also believe that the real estate market has cooled off because of the speed at which the rates are being increased by the Bank of Canada.

Where the market is not as hot as it was before, but it is still active.

On Thursday, the Canadian Real Estate Association said, “the number of homes that sold on the real estate group’s Multiple Listing Service has now fallen for six months in a row, since the Bank of Canada began to raise interest rates in March.”

Economist Robert Kavcic said, “The standoff between sellers who need to come to the reality that early-2022 prices don’t exist anymore and buyers who simply can’t pay as much will continue, and the process could be drawn out until well into next year.”

 

 

 

Prabhnoor Kaur

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