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Changes in housing prices are localized. What one part of the country sees may be different from another region. However, some economic indicators show the overall market sets up for a decrease in demand with an increase in supply.
Changes in housing prices are localized. What one part of the country sees may be different from another region. However, some economic indicators show the overall market sets up for a decrease in demand with an increase in supply.
Prices for houses did go down in 2022/21 but no one knows for how long. The price may stay the same for a certain time. maby try to go up a little then go down again, no one really knows in advance but they seem to be going down little by little since WOW did prices for houses in Canada ever go sky high since 2020/21 and some years before. Like $699,000 to 899,999.000 for really nice homes. I think there needs to be a change in prices thats why the interest rates have increased.
Prices are going down a little bit in many places, Not all places, but you have a good selection of locations to choose from. Some of that is seasonal. In areas like where I live, no one wants to move in the snow, so the buyers are not out there shopping. They are staying inside where it is warm until spring. That means that generally, you can get a better price during winter. Not in Florida, but in any location where the winter weather can be rough. That's not all of Canada, but it is a lot of it.
Canadian economy is different from what we live with down here south of you. My Canadian friends tell me that there is a still a pretty severe housing shortage in Canada. Canada might not see the price drop that America appears to be lining up for.
According to a new report, housing prices in Canada will continue to rise through 2022, with not even the prospect of higher interest rates expected to slow the trend.
According to the most recent Royal LePage House Price Survey, the average price of a home in Canada increased 17.1% year on year in the fourth quarter of 2021, reaching $779,000. Prices increased by 3% or more in the majority of housing markets compared to the third quarter of last year, a trend the real estate firm says is unusual for the fourth quarter.
NB:Not my words. Got this from reports on internet
My Canadian friends tell me that there is a still a pretty severe housing shortage in Canada. Canada might not see the price drop that America appears to be lining up for.
This! As long as there is a fundamental disparity between supply and demand, It is probably fair to say the price drop won't be that significant and a rebound will come sooner rather than later.
That is assuming we don't have inflation as a constant problem invoking continued interest rate hikes. People are adjusting right now but as long as the demand is there, they will find ways of getting into a home.
I think the average price of a home in Toronto has gone down 40K since around this time last year. The average price of a home is over a million dollars so this isn't really significant.
I'd like to see more supply as the reason for housing price drops instead of interest rate hikes due to inflation.
young workers make 6 figures $100k-$200kplus,what is a million dollar mortgage?
It is a supply and demand issue,work at home is one reason people want to live in a house,more space.
It would be interesting if all the recent layoff among IT workforce will bring down the house price??????
They are also shareholders of IT stocks,and cryptos if they are into investing.
young workers make 6 figures $100k-$200kplus,what is a million dollar mortgage?
It is a supply and demand issue,work at home is one reason people want to live in a house,more space.
It would be interesting if all the recent layoff among IT workforce will bring down the house price??????
They are also shareholders of IT stocks,and cryptos if they are into investing.
young workers make 100K to 200K. Really? Interesting where you get that figure from. Do you know how much a mortgage would be for a 1 million dollar home amortized over 25 years at current interest rates? You're looking at around 6000 per month. I can tell you someone making 100K dollars is not going to be able to afford that and would not qualify unless they made a massive downpayment. Actually 200K after taxes would be a struggle paying 72K dollars a year for shelter.
young workers make 100K to 200K. Really? Interesting where you get that figure from. Do you know how much a mortgage would be for a 1 million dollar home amortized over 25 years at current interest rates? You're looking at around 6000 per month. I can tell you someone making 100K dollars is not going to be able to afford that and would not qualify unless they made a massive downpayment. Actually 200K after taxes would be a struggle paying 72K dollars a year for shelter.
Agreed. Mojo obviously has no inkling on finances, taxation, cost of ownership, etc.
I can see the upper incomes starting @ $100K, but to assume that a majority population makes that much and above is a bit optimistic.
Let's not even consider that a lot of young upper earners have huge student debts (and CC debt) to start off with.
Oh and how many young couples can scrap up the minimum down payment of $75,000 for a $1M starter home?
Property taxes, utilities, insurance, maintenance, fixing the roof, fixing the furnace... well you get it.
I'm just saying the the real estate market just doesn't make sense numbers wise. Logic flies out the window with prices where they are.
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