The average home price in Canada is down to about $645,000 from a dramatic peak of over $800,000 in February, according to the Canadian Real Estate Association (CREA). But the drop in prices is slowing and sales are picking up.
It could be the beginning of the end for the market downturn, say analysts.
“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” said Shaun Cathcart, CREA’s senior economist, in a report published Nov. 15.
An RBC report published the same day said: “The pace of decline is now slowing—there was even a tiny monthly increase in home resales nationwide in October—marking a notable shift from the deep fall in activity that took place over the spring and summer. Property values are still clearly coming down at this stage but last month’s drop was the smallest since May.”…