Canadian Real Estate Markets Saw Prices Rise Up To $42k In A Month
Canada’s credit-crazy real estate buyers have flooded the market once again. Canadian Real Estate Association (CREA) data shows a benchmark, or typical, home rose in March 2023. Breaking the data down by market, most saw substantial increases. One market even saw prices rip over $40k higher over a span of just 31 days.
Canadian Real Estate Prices Are Falling In Just 1 In 5 Markets
We already discussed the national price climbing last week, and most regions are seeing growth. Only 12 of the 61 benchmark home price indexes didn’t see growth in March. Of those, one showed no movement (Guelph), and the other 11 reflected losses. Higher rates went from throttling every major market to just 1 in 5 benchmark indexes showing falling home prices.
About half of the markets posting a decline were located in the province of Ontario. Not a total surprise, considering it was running extremely hot over the past few years.Kingston showed the largest decline when it came to the rate and dollar value, with a typical home falling 2.9% (-$15,800) in March.
Canadian Home Prices Rose In 80% of Major Real Estate Markets
The other 4 in 5 market indexes showed substantial growth. The fastest rising rates were in Sudbury (+5.6%), North Bay (+5.1%), and Maurice (+4.7%)—in that order. The first two are located in Ontario, and the last is in Eastern Quebec. We had to look it up, but with monthly prices rising over $10k in a month—it might just be us.
READ MORE: https://betterdwelling.com/canadian-real-estate-markets-saw-prices-rise-up-to-42k-in-a-month/
