{"id":9601,"date":"2018-06-26T08:08:08","date_gmt":"2018-06-26T15:08:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9601"},"modified":"2018-06-26T08:27:08","modified_gmt":"2018-06-26T15:27:08","slug":"canadians-may-have-to-get-used-to-flat-home-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/canadians-may-have-to-get-used-to-flat-home-prices\/","title":{"rendered":"Canadians May Have to Get Used to Flat Home Prices"},"content":{"rendered":"<p style=\"text-align: justify;\">Over the past few years, home prices in Canada have steadily increased, and especially each spring as the weather warms up. However, this year was an exception because prices failed to rise with the temperatures, and in fact, sales volumes between March and April were at a nine-year low, according to a Global News article.<\/p>\n<p style=\"text-align: justify;\">Although the national average home price declined by 6.4% in May this year, compared with a year earlier, home prices aren\u2019t actually falling just yet, because of the types of properties being sold. Instead of detached homes, more condos are selling, which is pushing the national average home price downwards. Figures show a price increase on 1% compared with a year earlier, which although good news, is still a radical departure from the double digits house price gains that have been the norm for years.<\/p>\n<p style=\"text-align: justify;\">Now, the Canadian Real Estate Association is warning homeowners they probably need to get used to seeing price increases that are only in the low single digits. They are predicting a home price rise of 3.8% next year, with home prices showing gains in British Columbia, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Qu\u00e9bec. Home prices in Newfoundland and Labrador and the Prairies are predicted to remain stable.<\/p>\n<p style=\"text-align: justify;\">With home prices predicted to remain stable or to only modestly rise, it\u2019s bound to impact homebuyers, home sellers and even those homeowners who don\u2019t intend to sell. Homeowners looking to put their home on the market during the summer shouldn\u2019t expect prices to have risen since last year. There are exceptions, as in Montr\u00e9al and Ottawa home prices are still showing healthy increases.<\/p>\n<p style=\"text-align: justify;\">The article suggests people are guided by their real estate agent, and that while it may be worthwhile pricing a home at the upper end of what it\u2019s likely to sell for, trying to start a bidding war by pricing a home too low is now a lot riskier. Part of the risk is due to bank appraisals and that while listing a home for less than its value could prompt a bidding war, the bank won\u2019t necessarily lend up to the agreed value. People are also cautioned against spending too much on home staging, and it could be bad news for those wanting to downsize in preparation for retirement. Apparently, downsizing baby boomers are now in competition for condos with first-time buyers who can\u2019t afford the price of a house.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/canadians-may-get-used-flat-home-prices\/98749066\/\" target=\"_blank\" rel=\"noopener\">Canadians May Have to Get Used to Flat Home Prices<\/a> by Allison Halliday | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the past few years, home prices in Canada have steadily increased, and especially each spring as the weather warms up. However, this year was an exception because prices failed &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/canadians-may-have-to-get-used-to-flat-home-prices\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-9601","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadians May Have to Get Used to Flat Home Prices &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/canadians-may-have-to-get-used-to-flat-home-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadians May Have to Get Used to Flat Home Prices &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Over the past few years, home prices in Canada have steadily increased, and especially each spring as the weather warms up. 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