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Detached home buyers emerge as prices drop: RE/MAX Canada - BNN Bloomberg

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While many Canadian homebuyers remain on the sidelines, some regions across the country are seeing detached property buyers lured back to the market amid a substantial decline in prices, according to a new report released Thursday from RE/MAX Canada.

The report found an increase in second-quarter home sales across 40 per cent of Greater Toronto Area neighbourhoods and 31 per cent of Greater Vancouver communities compared to the first three months of the year.

The benchmark price of a detached home in the city of Toronto was $1,515,763 in July, compared to $2,073,989 in February, according to the Toronto Regional Real Estate Board.The price decreases have been less pronounced in Vancouver. The benchmark home price of a single-family home was $2,000,600 in July, compared to $2,139,200 in April.Some realtors have seen sellers chose to de-list their home amid the downturn in prices, leading to a crunch in inventory in certain regions.

 

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Additional declines are expected and accelerate as interest rates continue to rise. Only buyers in market today are the ones with 120 day rate hold expiry coming up.

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