Ottawa: After fuelling Canada’s economy through the COVID-19 pandemic, the real estate market is now beginning to cool down as the prices of houses are dissipating.

Though, it is ecstatic news for potential buyers but as the end of the year is approaching, realtors and economists are not able to understand how long this slow pace of the market will last and how far it will go down further.

John Pasalis, president of Realsophy Reality Inc. in Toronto, said that with such a small difference, homes could sell two or even sooner than three, four weeks.

The average price of houses is still at pre-pandemic levels, but rising mortgage rates and inflationary pressures are dictating market conditions. In March 2020, when the pandemic-induced lockdown began, the Toronto Regional Real Estate Board said the average price of homes in the area was $902,680.

Last month, it was 1,074,754, an increase of one per cent from July 2021, but six per cent less than June 2022.

According to the data, the price of houses in July was $629,971, which was five percent less than the price of $662,924 in July last year. When the lockdown began in March 2020, the average national price was $543,920. According to experts’ prediction citing the national average, the price of houses will rise to $ 762,386 on an annual basis and by 2023 and it will climb to $ 786,252.

 

Leave a Reply