Toronto, Peterborough, and select markets keep strong, while while Canada’s Housing Market slows.
Wednesday Jul 25th, 2018
Canada home sales and real estate pricing nationwide is beginning to slow down. According to numbers released by the Canadian Real Estate Association, home sales in 2018 have fell by 11 percent compared to 2017. The average real estate sales price has also fallen by 1.3 percent since last year.
Even in one of the country’s most popular real estate markets, in the City of Vancouver, there’s some struggle happening as sales are slowing. Though these numbers can seem like they’re inherently a bad thing, there are some positives. For example, this opens up the real estate marketplace for more people to buy.
Also, despite this slowdown being experienced nationwide, real estate markets like Toronto and Peterborough are continuing to post stronger and stronger numbers. Though last year presented some challenges regarding new regulations across the province, Toronto and Peterborough have continued to thrive, especially when compared with other regions of Canada.
Toronto’s home sales have increased 17 percent in 2018 when compared to the same time last year. As the City’s real estate market has come to move beyond last year’s regulations, there’s never been more demand to move to Toronto. It’s still a hub for creative businesses, corporate brands of all varieties, and new immigrants to Canada. The growth and development in Toronto is stronger than anywhere in Canada, and the quality of life here for homeowners is above average.
When it comes to Peterborough, the city is a comfortable distance between both Toronto and Ottawa. Located on one of the province’s many beautiful rivers, it’s an exquisitely pretty area which is in part why it remains such a popular place for retirees. As Ontario Highway 407 is expected to be completed in late 2020, this is expected to further open up property and employment growth in Peterborough. In real estate and home living publications, Peterborough is routinely voted one of the best places in Canada to both live and invest in.
Toronto, Peterborough, and other select markets show no signs of slowing down. Even as Canadian home sales reach their lowest point in five years, these regions are in anything but a slump. For those looking to live and invest in places that have a little more protection to them, Toronto and Peterborough are two fantastic areas to look in. Both markets come with extensive histories, are a great place to call home if you’re a property owner, and speaking of the future, the ongoing development is no doubt going to keep them as hubs for strong real estate values.
As the market nationwide begins to balance and the volatility of certain markets begins to dissipate, Canadian home values will inevitably rise. Now is the perfect time to buy and invest in places like Toronto and Peterborough, which are almost guaranteed to carry some of the strongest real estate values in the province. There are hundreds of properties to browse – detached, semi-detached, townhouses, and condos. There’s a real sense of things being on the upswing here. For Canadians looking to set down roots in a national real estate market where things may soon be on the rise, now’s the ideal opportunity!
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