The Canadian real estate market has seen a shift downwards in many areas for sales activity with many interest rate hikes by the Bank of Canada in response to the recession.
As for the province of Ontario, we have seen a 37.7% decrease in the number of sales compared to the same time last year while only a 5.7% drop in the average price of properties. However, there is an interesting fact to note which is that we have seen the lowest inventory of homes for sale in last 20 years.
In the major metropolitan area of Toronto, we have noticed very strong and sometimes increased prices for condominiums which proves that real estate is local and one should consult a licensed REALTOR® to better understand how the market shifts and current conditions are affections real estate prices where you live.
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