16th Aug, 2012

Price drop in residential homes

Home prices across Canada continued to decline last month. The average price of a home in Canada was $353,147, which is 2% lower than July 2011. Overall sales across Canada, however, were up 3.3% from a year ago.

Keep in mind this is a national average, with Greater Toronto and Greater Vancouver giving much weight to the figures due to recent peaks, and particularly Vancouver’s volatile market, (Vancouver’s average sale price dropped over 12% from last year, to $667,462.)  This sort of market correction is often a good thing, as it can prevent us from seeing interest rates rise dramatically. Most markets have stayed about the same as a year ago.

The Canadian Real Estate Association , tighter mortgage & lending laws appears to be what has cooled our national housing market.

What’s happening with the real estate market in the D. W. Howard Realty area? (Ridgeway/Crystal Beach, Fort Erie, Niagara Falls, and Port Colborne)  Stay tuned, more to come…

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