“And, home prices will continue to climb in the months ahead as a result of our relentless low supply-high demand imbalance.” “The first quarter of the year was so strong, however, that we are bumping up our 2022 outlook,” Soper said in a statement. Royal LePage CEO Phil Soper said the real estate firm anticipated a strong first half of the year, with a moderating of real estate markets thereafter. Royal LePage said according to its home price survey that the national aggregate home price was up 25.1 per cent year-over-year in first quarter at $856,900, the highest gain on record since the company began tracking prices. The association said excluding Greater Vancouver and the Greater Toronto Area, two of the most active and expensive housing markets, cuts $163,000 from the national average price for March this year. The actual national average home price was $796,068 in March, up from $715,696 in the same month last year.
The drop in sales came as the number of newly listed homes fell 5.5 per cent on a month-over-month basis in March.ĬREA said the decline in new listings was led by Greater Vancouver, the Fraser Valley region in B.C., Calgary and the Greater Toronto Area. Indeed, our forecast anticipates significant softness in average home price growth in the second half.” “This should help balance the market and weigh on home price growth. “And, with the Bank of Canada set to hike rates aggressively, home sales are likely to trend even lower moving forward,” Sondhi wrote in a report. Rates for five-year fixed-rate mortgages have also risen in recent weeks as the yields of five-year government of Canada bonds have climbed higher. The moves drove prime rates at commercial banks higher, since they use the central bank’s key rate as reference when setting variable mortgage rates. The Bank of Canada raised its key interest rate target by a quarter of a percentage point at the beginning of March and by an additional half of a percentage point last week. TD Bank economist Rishi Sondhi said part of the decline in March probably reflected buyer fatigue to some degree following several months of robust activity, as buyers pulled forward their purchases ahead of higher rates.
On a month-over-month basis, seasonally adjusted home sales in March were down 5.4 per cent. The association said home sales in March were down 16.3 per cent compared with the same month last year when they hit an all-time record.
The Mid Town Key West neighborhood offers homes for sale in the middle price point and has some characteristics of each of the other two areas.įor assistance with your Key West real estate needs, please contact the team of Key West realtors at Anchor Line Realty.Home sales in Canada fell in March, while prices were up 11.2 per cent compared with a year earlier, Canadian Real Estate Association said Tuesday. The lowest price per square foot for Key West homes is in New Town. The price per square foot for Key West homes for sale is highest in Old Town.
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