The upcoming autumn season is predicted to witness a subdued Canadian real estate market, with stagnant average home prices, as projected in a recent report. Re/Max Canada, in its fall housing market forecast, indicates that this stasis can be attributed to high interest rates and the notable scarcity of homes for sale.
The report, influenced by a digital survey, suggests that a significant 33 percent of Canadians with an interest in real estate transactions in the upcoming year chose to hold fire. These potential buyers and sellers are keen on observing the unfolding of fluctuating interest rates, before making a permanent decision.
Mortgage rates have seen a significant upswing as the Bank of Canada has escalated interest rates in a move to suppress inflation and return it to their two per cent target.
Contrary to the generalized trend, Re/Max points out a number of exceptions in the real estate landscape. Several larger markets, inclusive of the Greater Toronto Area, Calgary, and Sudbury, Ontario, are predicted to witness a rise in home prices.
The aforementioned conclusions were derived from an online survey conducted by Leger, encompassing 1,517 Canadians, between the dates of July 21 and 23. However, it is essential to remember, that this survey does not come with a calculable margin of error, largely due to the absence of a completely random sampling process inherent in online surveys.
