Posted by John Vernon & Associates on
For the most part, the real estate market in Canada has languished over the past couple of years. For example, in 2018, national sales were down nearly -5% from the preceding year and the average sale price of a residential property was down -4.1%. (This decline was largely attributable to a price decrease of -4.4% in Greater Toronto, Canada’s largest real estate market.) However, there are strong indications that the recent decline in housing prices, lower mortgage rates and continued population and economic growth, have led many prospective buyers to return to the real estate market in some areas of the country in the latter part of 2019.