TORONTO — The median price of a home in Canada in the fourth quarter of 2022 posted the first year\u002Dover\u002Dyear decline since the end of 2008 during the financial…
In its house price survey released Friday, the real estate company says the median aggregate price of a home was $757,100 in the final quarter of last year, down 2.8 per cent compared with the end of 2021.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
He attributed the declines to mortgage rates, which soared in tandem with the Bank of Canada’s interest rate hikes targeting stubbornly high inflation, but noted the drop in prices hasn’t brought them back to pre-pandemic levels.Article content Meanwhile, bidding wars have dissipated and both sellers and buyers are taking time to adjust the market’s new reality. As a result, many sellers are hanging onto their homes unless they have to move, hoping that prices will rise once more in a few months.
“While the red-hot market conditions are behind us, there remains a widespread shortage of homes in Canada that cannot be offset by temporarily cooling demand,” Soper said.Article contentHe expects buyers to make their return to the market once interest rates stabilize and consumers adapt to their new normal.
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