Canadian Home Prices Fall Average Canadian House Price Hit $504,350 Last Month, Up 11% In Past

In recent years, the Canadian housing market has been hot topic of conversation across the nation. Whether you are looking to buy, sell or invest in the Canadian real estate market, it’s important to stay in the know. With that in mind, let’s take a closer look at what happened to Canadian home prices in 2018 and how the housing market has been impacted by the COVID-19 pandemic.

What Happened to Canadian Home Prices in 2018?

Many Canadians were concerned by the apparent drop in home prices in 2018. However, it’s important to note that the national figures were skewed by the decline in home prices in key markets such as Toronto and Vancouver. While these two cities make up a significant share of the Canadian housing market, it’s also important to note that they have historically been priced much higher than other cities.

Even with the decline in these two markets, most cities in Canada actually saw an increase in home values in 2018. Cities such as Hamilton and Ottawa saw an increase in home values of around 10%, while some smaller cities such as Windsor experienced even greater increases.

The Impact of the COVID-19 Pandemic on the Canadian Housing Market

The COVID-19 pandemic has understandably caused a great deal of uncertainty for Canadians looking to buy or sell a home. However, the Canadian housing market has proven to be remarkably resilient in the face of the pandemic.

Home prices initially saw a decline in the early stages of the pandemic, but by June of 2020, home prices had rebounded to pre-pandemic levels. Sales activity was also back to nearly pre-pandemic levels by this time.

Tips for Navigating the Canadian Real Estate Market

Whether you are a first-time homebuyer or an experienced real estate investor, knowing how to navigate the Canadian real estate market is essential. Here are a few tips to keep in mind:

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1. Know Your Local Market

While national trends can be helpful, it’s important to remember that real estate is a local market. What’s happening in Toronto or Vancouver may not be indicative of what’s happening in your city. Research local home prices and sales activity to get a better picture of what you can expect.

2. Work with a Professional

Whether you’re buying or selling a home, working with a professional real estate agent can make a world of difference. An experienced agent will be able to guide you through the buying or selling process, answer your questions and help you make informed decisions.

3. Be Prepared

Buying or selling a home can be a lengthy process. Make sure you are prepared by having all the necessary documents and financial information in order. This will help things move more smoothly and efficiently.

4. Be Patient

The Canadian housing market can be competitive, so it’s important to remain patient. It may take some time to find the right home or attract the right buyer, but don’t rush into any decisions.

Final Thoughts

While the Canadian real estate market has seen its fair share of ups and downs in recent years, it remains a strong and stable investment opportunity. By staying informed, working with a professional and being patient, you can successfully navigate the Canadian housing market and achieve your real estate goals.

The drop in 2018 Canadian home prices isn’t what it seems

How to Take Advantage of the Current Real Estate Market in Canada

With the Canadian real estate market seeing strong growth once again, now may be a good time to invest. Here are a few tips to help you take advantage of the current market:

1. Consider Investing in Smaller Markets

As we mentioned earlier, some of Canada’s smaller cities have seen even greater growth in the real estate market than Toronto or Vancouver. Consider investing in these smaller markets for potentially higher returns.

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2. Look for Value

While it can be tempting to go all in on a hot property, it’s important to remember the value of diversification. Look for investment properties that provide good value for the purchase price, rather than simply going after the most expensive or luxurious homes.

3. Work with a Local Real Estate Agent

When it comes to investing in Canadian real estate, working with a local real estate agent is essential. An agent who is familiar with the local market can help you identify potential investment properties and provide you with valuable insights into the market.

Home price gains in June erase almost all pandemic losses

Navigating the Real Estate Market During the COVID-19 Pandemic

The COVID-19 pandemic has changed the way we live and work, and it’s also had an impact on the Canadian real estate market. Here are a few tips for navigating the market during this uncertain time:

1. Get Pre-Approved for Financing

With the economy in flux, it’s important to have your financing in order. Getting pre-approved for a mortgage can help you understand what you can afford and give you more negotiating power when making an offer.

2. Be Prepared for Virtual Showings

In an effort to reduce the spread of COVID-19, many agents are now offering virtual showings. Make sure you have the necessary technology to participate in these showings, such as a computer or smartphone with a reliable internet connection.

3. Work with an Agent Who Understands Your Needs

During these uncertain times, it’s more important than ever to work with an agent who understands your needs and can help you find a property that meets your unique requirements.

Final Thoughts

Whether you’re looking to buy, sell or invest in the Canadian real estate market, there’s a lot to consider. By staying informed, working with a professional and being patient, you can successfully navigate the challenges of the market and achieve your real estate goals.

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