Housing market becoming more balanced amid pandemic
Good news for potential home buyers, but bad news for potential home sellers--the housing market is shifting from one that benefits sellers to one that is more balanced.
A report from Zoocasa has found that the average housing price has dropped in 13 of 20 regional between February and April.
According to the findings, every market experienced a decline in sales during this timeframe--the most densely-populated areas experience the most significant sales declines.
The monthly sales-to-new-listings ratio dropped four per cent during this period, from 62 per cent--a seller’s market--to 58 per cent--a more balanced market.
Further, Ontario's regional markets experience the most significant decline when it came to average prices.
In ascending order, they were Hamilton-Burlington, the average price decreased by five per cent--$32,255--to $614,412; Ottawa, the average price decreased by 6.3 per cent--$34,652--to $510,139; and the GTA, the average price decreased by 10 per cent--$88,898--to $821,392.
Moreover, while Ontario saw dramatic declines in average sale prices for houses, B.C. markets remained relatively unchanged.
Of the three markets studied, Victoria and Fraser Valley stayed the same, while Vancouver rose by two per cent.
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