Last month, Canadian home prices encountered a setback due to increased interest rates, marking the first decline in five months according to the latest Teranet-National Bank Composite House Price Index.

The index, which monitors home prices across 11 CMAs based on observed or registered sales at least twice, experienced a 0.4% drop on a seasonally adjusted basis between September and October. Before seasonal adjustments, there was a 1% slip in September (following a 1.3% decrease the month before), signifying the second consecutive monthly decline.

Teranet and National Bank attribute these declines to a broader slowdown in the resale market. They point to rising interest rates, worsened affordability concerns, and a less vibrant job market as key factors contributing to this shift.

Market conditions have relaxed nationwide, resulting in an increase in the months of inventory to 4.1 in October. Although this level mirrors pre-pandemic figures, it remains lower than the historical norm, according to a press release accompanying October’s report.

While the composite index presents a weighted average of observed or registered home prices in various Canadian cities, specifically Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montreal, Quebec City, and Halifax, Teranet and National Bank track prices in a total of 31 Canadian cities. Of these, 58% experienced some degree of softening in home prices.

Toronto (-1.6%), Edmonton (-1.2%), Vancouver (-1.1%), Ottawa-Gatineau (-1.1%), Saint John (-5.3%), Trois-Rivières (-3.3%), and London (-2.5%) saw month-over-month declines in home prices, whereas Montreal (+3.7%), Halifax (+1.1%), Winnipeg (+1.0%), Moncton (+4.6%), Kingston (+3.8%), and Peterborough (+2.6%) recorded increases.

The press release anticipates further price declines in the upcoming months, citing persistently high interest rates and a less favorable economic context as challenges for the sector, despite the historical demographic growth.

On a year-over-year basis, the index showed a 2.8% increase last month. This rise was attributed to gains in Halifax (+12.5%), Victoria (+6.5%), Quebec City (+6.3%), Moncton (13%), and Sherbrooke (9.4%). Conversely, Edmonton (-3.6%), Ottawa-Gatineau (-0.5%), London (-2.1%), and Barrie (-0.9%) experienced declines in home prices compared to the previous year.

Written by Realtor Sean Findlay

The post Almost 60% Of Canadian Markets Saw House Prices Lag In October appeared first on Black Wall Street Canada.

Get Access To VIP Platinum Pricing & Floor Plans

We are excited to announce the release of the Empire Avalon Village Townhome Collection in Caledonia, Ontario! Check out the Limited Time VIP Platinum Prices & Easy Extended Deposit Structure on the fabulous Back-to-Back Towns!

Through our Platinum access program, you will save thousands & thousands of dollars in price incentives and bonus upgraded features!

Empire Avalon is a new townhouse and single-family home development by Empire Communities 

This townhome collection is currently under construction at Richard William Drive, Haldimand County (Caledonia, Ontario) Available units will be starting in the price range from the $600s. The Empire Avalon townhome development range in size from 1235 to 1764 square feet. Fill in the form below to register and get access to the Empire Avalon’s VIP Platinum Pricing & Floor plans.

LONDON 26′ VILLAGE TOWNHOME

SYDNEY 26′ VILLAGE TOWNHOME

PARIS 26′ VILLAGE TOWNHOME

MADRID CORNER 26′ VILLAGE TOWNHOME

BONUS INCENTIVE:

For a limited time, anyone who buys through Findlay Real Estate will receive a BONUS INCENTIVE:
$5,000 Décor Dollars*

Empire Avalon Summary

Empire Avalon’s master-planned community in Caledonia offers a curated selection of townhomes and detached homes designed for every stage of life. Once complete, Avalon’s newest phase will bring new commercial space, parks, trails and amenities to the community’s grounds which will allow for a seamless integration of residents’ homes, work and social lives.

Location of Empire Avalon Development

A 15-minute drive from Hamilton, Hwy 403 and the QEW, Avalon is ideal for commuters and first-time buyers looking to make their homeownership dreams come true. Streetscapes will be characterized by graceful architecture, while neighbourhood amenities like the central park will provide endless opportunities for recreation, lounging and leisure.

Living here, residents will enjoy modern-day conveniences, with access to retail shops, dining destinations, as well as entertainment and lifestyle hubs. Access to key services makes life more convenient, while many work and play opportunities enhance residents’ enjoyment and general well-being.

Extended Deposit Structure

For a limited time the builder’s are offering an Extended Deposit Structure , see below for details:

Important Information 

• In-Person Appointments begin Saturday November 12th, 2022
• In Person Signing Appointments ONLY to deliver drafts and deposits 
• Possession Dates- January – April 2024 
• Drafts and Cheques made payable to McClung Estates Ltd 

Have any questions? Realtor Sean Findlay is ready to help, Call 905-450-8300

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