Moving and Address Change News » Canadian houses on average price fell 5.6% in the past year for 2019

Canadian houses on average price fell 5.6% in the past year for 2019

Canadian home average price sold in June 2019 fell by more than five per cent compared to a year ago. The average price of a Canadian home has fallen by 5.6 per cent to $449,000 over the past 12 months, the Canadian Real Estate Association said today.

The Canadian Real Estate Association represents 125,000 Realtors across the country stated that sales were higher in January than in December, but still below the level seen in January 2018 — This was the month that CREA stated was historically bad for the housing market because of new stress-test rules that had just been implemented.

  • Mortgage growth will decrease or stay flat this year

 

The rules are targeted at making it harder to get a mortgage, It really put a damper on the housing market, CREA says, causing a sales slump that persists.

"Homebuyers are still adapting to tightened mortgage regulations brought in last year," CREA president Barb Sukkau said.

CREA said 23,968 properties were sold through the Multiple Listing Service in January, down from 24,977 a year earlier.

  • Housing affordability to worsen this year even as market cools

Prices have also dropped in many markets, although CREA said the average price figure can be misleading because expensive markets in Toronto and Vancouver skew it higher than it would be otherwise.

The group said a better gauge of the market is something it calls the Home Price Index, a number it calculates by adjusting for the size of different housing markets and types of homes.

That figure has risen by 0.8 per cent in the past year, the smallest it has been since last summer.

  • Average Canadian house cost $472K in December, down 4.9% in 2018

But even that flat figure disguises some wild swings across the country.

In the Greater Vancouver, the HPI has fallen by almost five per cent in the past year, and it's down by almost as much in Calgary, Edmonton, Regina and Saskatoon.

Prices have increased by more than nine per cent in the past year on Vancouver Island, meanwhile, and by seven per cent in Ottawa, Guelph, Ont., and the Niagara Region area.

 

'Blindsided': B.C. condo residents fearful, as extent of insurance crisis remains unclear

In B.C., 1.5 million people, almost one in three, live in strata condos and townhouses, and many of which have been hit by skyrocketing insurance rates that have left residents in financial distress and worried about their futures.

COVID-19 update in BC Canada

Canada’s first apparent case of community transmission was reported in British Columbia last night, when officials announced eight new cases of the illness.

Put down your smartphone if you want to be more creative, more connected and happier in 2020

Using less often your phone might be the only happy resolution you need

ICBC gets approval for interim 6.3 per cent rate rise

B.C. Utilities Commission gives green light to insurance grow effective April 1, 2019
GUIDES & NEWS
'Blindsided': B.C. condo residents fearful, as extent of insurance crisis remains unclear
In B.C., 1.5 million people, almost one in three, live in strata c...
COVID-19 update in BC Canada
Canada’s first apparent case of community transmission was reporte...
Rentals Tips in Canada
In general, your rent payment and household-related expenses shoul...
Starting a Tenancy in B.C
Before renting a property, landlords and tenants should be familia...
To-do list before you move
When you are going to finally move to a new home you better plan t...
What are your rights if your rent goes up?
When can a landlord increase the rent and what is the maximum allo...