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Average Housing Price Lower across Canada
Average price of a home in Canada fell by 6.2 per cent since last year to an average of $315,461. It was the fourth straight month in which prices fell on a year-over-year basis.
It appears that there are still pockets of real estate markets across Canada that are still booming. However price declines in some of Canada’s more expensive housing markets will far outweigh further price gains in other markets (ie St. John’s Real Estate market)
Calvin Lindberg, CREA president says “Informed buyers and informed sellers look at the facts. And the facts right now indicate the real estate resale market is stabilizing in many markets.”
“There have also been a number of initiatives that will have an impact going forward, including the government’s decision to invest $25 billion in insured mortgage pools, the recent drop in the Bank of Canada rate, and the new rules reducing the maximum amortization to 35 years instead of 40,” the CREA President adds. Those new mortgage rules go into effect October 15th. “The third quarter MLS® statistics and these developments are more factors showing the Canadian market is not following U.S. housing trends.”
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Mortgage Rates
Are St. John’s pricing still climbing, or have they plateaued? The economy still appears to be doing okay, but with the global crisis and oil prices dropping, I can’t help but think tht the good times might be coming to an end…
No signs of plateau at this point in the market. We are still very low on inventory and plentiful with buyers. The past week I wrote two offers. Both were competing offers. One had 2 offers and the second had four others. Price ranges where 240’s and 140’s respectively, so multiple offers are still being seen at all price levels.
We should see 2009 just as prosperous as 2008.