Canadian Real Estate News Headlines (March 16th 2019)
Hello everyone. How are you?
I provide you with Canada’s news headlines for real estate news for today.
Canadian Real Estate: What $500K buys you across the country
The latest stats from the Canadian Real Estate Association (CREA) pinpoint the country’s average home selling price at $454,776 as of January 2019.
This amount can fetch some sophisticated properties in certain parts of Canada, boasting a lot of space as well as an entire array of amenities. In other areas, however, it can harshly limit a homebuyer to just a little elbow room, no add-ons included.
Point2Homes.com wanted to find out what Canadians can purchase across the country for the national average home price. For simplicity, they rounded this amount up to $500K before delving into the real estate offerings in Canada’s 15 largest cities, digging specifically into detached homes since they are closer to Canadians’ hearts.
Canada’s housing market headed for weakest year in almost decade, warns CREA in updated outlook
The average price for homes sold last month was down 5.2 per cent from last year as the number of sales dropped to a 10-year low for the seasonally weak month of February, the Canadian Real Estate Association reported Friday.
The national association highlighted the impact of a mortgage stress test that affects federally regulated lenders, including the big banks, but some analysts said February’s drop may be due in part to severe winter weather.
“February home sales declined across a broad swath of large and smaller Canadian cities,” CREA chief economist Gregory Klump said Friday in a statement.
Canadian housing slump deepens with first drop in values in decades
Canadian home values fell last year for the first time in three decades amid falling prices in some of the country’s priciest markets, even as debt burdens increased.
The value of residential real estate in Canada dropped $30 billion in the fourth quarter to $5.10 trillion, from $5.13 trillion in the same quarter the previous year, Statistics Canada reported Thursday.
The 1.4 per cent decline is the first decrease in country-wide home values in data going back to 1990.
Jethro Seymour, Toronto Real Estate Broker,
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