Canadian Real Estate Market Declines Ontario Leads the Correction
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As of December 2024, the Canadian real estate market experienced a slight decline, with the composite benchmark price decreasing by 0.2% (approximately $1,500) to $705,600. This marks a 17.2% drop from the peak in March 2022. While provinces like Nova Scotia and New Brunswick saw modest price increases of 0.7%, others, including Prince Edward Island and Alberta, faced declines of 1.0% and 0.3%, respectively. Notably, New Brunswick was the only province to maintain its record high during this period.
Ontario experienced the most significant correction among the provinces. In December, the benchmark price in Ontario fell to $859,600, representing a 20.6% decrease (about $220,800) from its record high. British Columbia followed, with a 10.9% decline (approximately $116,100) from its peak, bringing its benchmark to $955,500. These substantial corrections in the more expensive provinces highlight the uneven impact of the market downturn across Canada.
Despite efforts to stimulate the housing market through lower interest rates and financial incentives, Canadian real estate prices have continued to decline. The anticipated normalization of sales with stabilized rates has not materialized. With rising bond yields, the prospects for a swift recovery appear uncertain, suggesting that the market may face ongoing challenges in the near future.
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