Posted February 02, 2018 04:03:55The real estate market in Canada has become a hotbed of speculation as the housing market continues to deteriorate.
As the country continues to experience a major housing market correction, some are now looking to the value of a home as an indicator of how the market will perform in the future.
The average price of an existing home in Canada dropped 6.2 per cent in the first half of 2018 to $7,547, according to real estate website realestate.com.
This is the lowest price ever recorded.
The Canadian Real Estate Association reported in December that the average price for a detached home in the country dropped by 1.5 per cent over the same period.
As a result, Canadians are looking to find a home in their communities or neighbourhoods that is less expensive than the average selling price.
According to realestatecom, Canada’s average selling prices have dropped from $9,941 in the third quarter of 2018, to $8,037 in the second half of the year.
However, it is important to note that the median selling price for the first quarter of 2019 is $872,000, while the median home price in Canada is $5,817,000.
The price of homes in Vancouver, British Columbia, fell by 3.3 per cent to $5.831 per square foot.
This was the second consecutive quarter that the price dropped.
The average price in Vancouver has been trending down since the second quarter of 2016.
However, the market is expected to recover in the coming months, as the national economy begins to pick up.
As of January 10, the Vancouver area had an annualized growth rate of 3.9 per cent, up from a growth rate that was 3.2 in the previous three quarters.
As a result of the strong economic recovery, prices are expected to rebound over the coming year.
For more on Canada, read:The market has become an epicenter of the financial market for Canadian homes.
The country has witnessed some of the strongest price increases in the world.
The recent rise in the price is due to the weak Canadian dollar.
The dollar is expected continue to weaken in the near future as the government moves to boost its exports.
The National Bank of Canada is forecasting that the Canadian dollar will fall to $1.30 against the US dollar in 2019.
This will be a significant blow to Canadian consumers.
Canadian mortgage rates have also begun to rise, according the BMO Survey of Real Estate.
According to the BOM, the average rate for a new home has increased by 8.2 basis points since December 2018.
The price of newly built homes has also increased by 3 per cent since the start of the first full quarter of the new year.