The current Canada’s average home price
The Canadian Real Estate Association (CREA) released national statistics on the housing market. The statistics show that Canada’s average home price slid to $746,000 and sales plummeted amid rising rates.
Home prices across Canada dropped for the first time in two years, with the nationwide average home price falling to $746,000 in April, down 6.3% from March’s average of $796,000. According to data from CREA, sales volumes dropped precipitously as well, falling 12.6% month-over-month and 25.7% since a record April last year.
While the national decline was led by the Greater Toronto Area (GTA), sales were down in 80% of local markets. Of course, there were some exceptions. Sales edged up slightly in Victoria, Montreal and Halifax-Dartmouth.
Please be aware that the national average price is heavily influenced by sales in Greater Vancouver and the GTA. These are two of Canada’s most active and expensive housing markets.
“For buyers, this slowdown could mean more time to consider options in the market. For sellers, it could necessitate a return to more traditional marketing strategies,” said Jill Oudil, Chair of CREA.
Can I immigrate by buying a property in Canada?
Many people wish to immigrate to Canada in 2022. However, it seems an impossible task for a large group of enthusiasts. Consequently, people constantly look for alternative options. Could buying a property in Canada be an alternative option for immigrating to this country? Or at least, could it help you boost your options? Let’s explore the answers to these questions in the following article:
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