Canada House Prices Picking Up Steam

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Monday, April 17th, 2023…

 

Today is National Crawfish Day and Bat appreciation day   (the mammal, not the stick)

 

Just a few weeks ago, we were wondering if cheap credit and government-led relief measures would stop Canada's real estate market from going down.

 

According to figures from the Canadian Real Estate Association (CREA) that came out this morning, the benchmark home price went up a lot in March.

Canadian Real Estate Prices Jump $12k Last month.

 

In March, the average home went up 1.7%, or $12,300, to $727,700.

 

It comes after a 1.0% rise (+$7,100) in February and is the second increase in a month since the correction started.

 

Even though two months doesn't seem like much, it's enough to change the direction of the annual trend.

 

In March, home prices dropped by 15.5%, or $133,300 as compared to last year.

 

The 12-month drop is the biggest fall in CREA's benchmark's history.

Since the standard only goes back to 2005, it's hard to say how this compares to the correction in the 1990s.

 

At the same time, this might be the fastest rate of turnaround.

Prices of properties don't move in a straight line, so it's too early to tell what will happen.

 

For more on this report, go to https://boknows.homes/8c2f1d90

 

Here in Winnipeg, we should also focus on one figure that I just mentioned:  The benchmark home in Canada sits at 727K???

 

Not around Winnipeg, where you can get a really nice, detached bungalow for about half that amount.  In fact, I just listed a nice 1300 ft bungalow on an acre property just south of Ile des Chenes for $350K.

 

Thinking of buying?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202

 

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