Found 13 blog entries tagged as home prices.

Buying a home can be an exciting yet overwhelming experience, especially for first-time homebuyers. With so many decisions to make and factors to consider, it's easy to feel lost in the process. Let's take a look at some of the top questions that homebuyers ask and what they are searching for when it comes to buying real estate.

How much can I afford?

Your budget is determined by several factors, including your income, expenses, debt-to-income ratio, credit score, and down payment. Here's a closer look at each of these factors and how they can affect your budget:

  • Income: This takes into account your monthly income and expenses to determine how much of your income can go toward your mortgage payment.
  • Expenses: Including things like car…

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According to data from the Newfoundland and Labrador Association of REALTORS®, the number of homes sold through the MLS® System in February 2023 was 301 units. This represents a decrease of 8.8% from February 2022. Despite the decline, home sales were still 15.1% above the five-year average and 32.5% above the 10-year average for the month of February.

Looking at the year-to-date figures, home sales in the first two months of 2023 totaled 553 units, down 20.4% from the same period in 2022.In terms of residential activity in St. John’s, there was a modest decrease of 1.9% on a year-over-year basis in February, while activity in the rest of the province posted a decline of 12%. Single detached home sales in St. John’s remained unchanged from levels…

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The COVID-19 pandemic supercharged a market that already favoured sellers. With available listings hitting a record 14-year low before the pandemic, it was no wonder that housing prices had soared upward, with the Canadian Real Estate Association forecasting the national average home price would rise a whopping 19.9 per cent on an annual basis to $690,000 in 2021. Low interest rates, economic support and lockdowns that drastically shifted the consumer appetite, contributed to a sharp increase in demand and, consequently, price growth across virtually every Canadian housing market.

But did these changes cause real estate prices to become overvalued? According to Moody’s Analytics, a leading credit rating agency, this was most certainly the case. The…

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Google search balanced market

Over the last few years, home sellers have had the upper hand. But with Canadian housing market conditions expected to shift this year, you may be wondering, what is a balanced market? Let’s explore recent history, and what this recent change means for you.

At the height of the market during the pandemic, many Canadian cities experienced skyrocketing home prices, from single-family residential properties in major urban centres to townhomes in rural communities. In the process, prospective homeowners also had to endure intense bidding wars, causing some buyers to ditch conventional homebuying best practices, including home inspections. During this time, the Canadian real estate market transformed into a seller’s paradise…

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Atlantic Canada real estate_Halifax

The Atlantic Canada housing market has been sizzling since the early days of the coronavirus pandemic. But what differentiates the real estate markets in New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador is how they have held steady, even as the broader Canadian real estate market experiences a correction.

Although there have been forecasts suggesting that the eastern provinces could join the downturn, the numbers so far show that real estate activity in this part of Canada is not imploding.

So, what do the data show? Let’s look at the latest trends in Atlantic Canada.

What’s Happening in the Atlantic Canada Housing Market?

Here is a look at the four major Atlantic Canada real estate…

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With interest rates on the rise, home sales have continued to cool. In some parts of the country, home prices have fallen from their peaks reached earlier this year, are flat in some regions, and are still climbing in others. The issue of not enough homes for sale has not gone away.

Some 532,545 properties are forecast to trade hands via Canadian MLS® Systems in 2022, a decline of 20% from the 2021 annual record. The downward revision from CREA’s June forecast was mostly the result of a downward revision to sales activity in Ontario, along with smaller revisions in British Columbia, Alberta and Quebec.


The national average home price is forecast to rise by 4.7% on an annual basis to $720,255 in 2022. That said, much of that increase reflects how…

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what is a housing bubble

What is a housing bubble? You’ve undoubtedly heard the term, but what does it actually mean, and is Canada experiencing one? Whether you already own a home, are considering buying one in the near future, or you’re waiting for the right time to sell, here we answer what is a housing bubble, what causes it, and how it may affect you.

What is a Housing Bubble?

A housing bubble happens when the price of homes rises quickly, at an unsustainable rate. Typically, a price-growth rate that’s in the high single-digits is considered to be healthy and sustainable. Under healthy conditions, homeowners continue to earn equity over time, sellers can make a profit on resale, and buyers can still afford to get into the market. This type…

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Avoid overspending when applying for mortgage

You’ve assessed your finances and the housing market, and researched the various financial options open to you and your household. Then, you took the leap in applying for a mortgage – quite possibly the most significant money-related decision of your life. Now you play the waiting game.

This waiting period is perhaps one of the hardest parts of the home-buying process, determining if you have been approved or rejected for a home loan. While it can be challenging, especially in this red-hot Canadian real estate market, you can be confident in your prospects if you have taken the necessary steps and employed the right strategies to receive approval and attain the best mortgage rate.

But it is not time to throw caution to…

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The national average home price in the Canadian real estate market hit $796,000

In March, up 11.2 per cent from last year. Price growth slowed slightly month-over-month, but many industry experts project that prices still have room for growth this year. But while the broader housing conversation has been on the affordability crisis impacting many markets across Canada, there are still some relatively affordable parts of the country. Wait a minute. There is still affordability in Canada? Yes. All you have to do is look toward the nation’s east coast, to Newfoundland real estate.

According to the Newfoundland and Labrador Association of REALTORS®, MLS® Home Price Index (HPI), which is considered a more accurate measurement than average or median…

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Canadians looking to purchase a home will be happy to hear there was a jump in new listings that hit real estate markets across the country in February 2022.

The number of newly listed properties jumped 23.7% month-over-month in February. That would have been an all-time record had it not been for the exceptional May and June Canada’s housing market experienced in 2020 following the first wave of the COVID-19 pandemic.

The latest data from the Canadian Real Estate Association (CREA) shows Canadians took advantage of the increase in supply as national home sales rose 4.6% from January to February 2022. Year-over-year, February’s home sales are down 8.2% compared to a record-breaking February 2021.

During CREA’s latest Monthly Housing Market…

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