The Fraser Valley Real Estate Board processed 1,393 sales on the Multiple Listing Service® (MLS®) in July, an increase of 5 per cent compared to the 1,322 sales during the same month last year, and 5 per cent fewer than the 1,463 sales in June.
Average home prices in Canada will likely contract 10 to 15 per cent over the next two years, says a report released by TD Economics.
Prices of homes in the Greater Vancouver area continue to climb while home sales have dropped to some of the lowest levels seen in a decade
A soft landing for the Canadian housing market appears to be the most likely scenario, as the latest numbers from the country’s largest real estate association show a continued deceleration of home prices.
Canada’s real estate market is due for a “moderate correction†with homes that are anywhere from 10 to 15 per cent overvalued, says the TD Bank.
“The excessive pricing of Canadian housing in relation to fundamentals is now clearly correcting,†TD Bank economist Grant Bishop said in an economic note Monday. “We expect a moderate correction in prices over the coming year.â€