There’s some relief in store for homebuyers in Ontario and Quebec — that is, if they can secure themselves a mortgage. from Desjardins, home prices in both provinces are expected to continue to fall.
Desjardins highlights how Canada’s housing market has quickly corrected over the past few months. Notably, average prices in the infamously pricey Ontario and British Columbia are down nearly 15% and 10% respectively from their February peak. Prices in Quebec started falling two months later, but haven’t dropped as much. Quebec’s average price topped out around $510,000 in April before slipping 4.0% to below $490,000 in July.
Aerial view of Montreal showing the Biosphere Environment Museum and Saint Lawrence River during Fall season in Quebec, Canada. Despite the price drops, affordability won’t actually improve any time soon, thanks to climbing interest rates and harder stress tests, highlights the report.
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