Statistics released by the Canadian Real Estate Association (CREA) show national home sales were little changed between July and August 2021.
National home sales edged back 0.5% on a month-over-month basis in August;
Actual (not seasonally adjusted) activity was down 14% on a year-over-year basis;
Two ongoing crises have been consistent points of focus on the campaign trail ahead of Canada's federal election on Sept. 20: a dire shortage of affordable housing and climate change.
As the border opens for fully vaccinated foreign nationals, it's expected that many students resume in-person learning in Ontario. Canada expects more than 300k international students by the beginning of the school year; they will need a place to live. The rise in the province's non-permanent residents is caused by the rise in the number of international students.
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Tighter stress test rules and “eroding affordability" should continue to push sales lower, TD Economics says Canadian housing sales have “begun their correction in earnest.” and as far as bank economist Rishi Sondhi is concerned, the “interesting question becomes how steep the decline will be.” A correction is a small decline.
You have to focus on many things before deciding if a particular home is what you want. Here is what you need to know about buying a condo in Canada.
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