From an aggregate price of $809K to the market correction, report looks at real estate trends in Canada
CTV
A new report has found that buyer demand for homes is remaining strong in Canada despite borrowing rate hikes — and the market may be stabilizing after the pandemic boom.
A new report from real estate company Royal LePage has found that buyer demand for homes is remaining strong in Canada despite borrowing rate hikes — and the market may be stabilizing after the pandemic boom.
Real-estate company Royal LePage released its latest House Price Survey report on Thursday, which predicts the market may be close to recovering from pandemic ups and downs.
However, the report noted that an ongoing housing shortage in the country will continue to be a problem, advising that governments step up to spur on more development, particularly in affordable housing.
According to the report, the aggregate price of a home in Canada remained almost flat compared to last year in the second quarter of 2023, dropping just 0.7 per cent to $809,200.
Real estate experts believe that this very slight decrease signals the market may be close to recovering from 2022's post-pandemic market correction. However, the second quarter actually saw an increase compared to the previous quarter, rising by four per cent.
Compared to the peak of pricing last year, in the first quarter of 2022, the aggregate pricing of a home now sits 5.6 per cent lower.
Prices are set to remain relatively flat for the next six months, and then spike in the final quarter of 2023 around 8.5 per cent higher than the final quarter of 2022.
As rainy and gusty weather clears the Maritimes Tuesday, a round of snow and rain is lined up for late week.
Two people have been charged in connection with the disappearance and death of a Markham real estate agent whose remains were found in Parry Sound over the summer.
The House of Commons is slated to adjourn on Tuesday, bringing an end to an unstable fall sitting that has been bookended by Liberal byelection losses. The conclusion of the fall sitting comes as Prime Minister Justin Trudeau's minority government is in turmoil.
The Tofino Harbour Authority says it has shuttered its office in the coastal Vancouver Island community after what it describes as an escalating standoff with a squatter who has been occupying the harbour property for more than two years.
Potential rule changes for short-term rentals in Calgary are drawing criticism from the companies that run them.
Statistics Canada estimates the country's population grew by 176,699 people between July 1 and Oct. 1, marking the slowest pace of growth since the first quarter of 2022.
Lion Electric, a Quebec-based manufacturer of electric buses and trucks, says that it plans to file for creditor protection.
A child is in the hospital with life-threatening injuries following a motor-vehicle collision on Longwoods Road just west of Lambeth this afternoon.
The New Brunswick RCMP says two people have died and four others are injured following a multi-vehicle crash in Moncton Sunday night.
A group of TTC riders banded together to rescue a woman's cat from underneath a streetcar in downtown Toronto, saving one of its nine lives.
A judge's decision to stay the charge against a driver who hit and killed a child is causing some online uproar. Many of the victim's supporters took to social media to call for justice in the death the nine-year-old girl.