Markham and Richmond Hill become buyer’s markets in Canada

Canada’s real estate sector is witnessing mixed trends in 2018, particularly as far as housing prices are concerned. In this context, spring time is when homes are usually available for sale although Richmond Hill and Markham are seeing slower pace of sales volumes although these locations are turning into buyer’s markets on account of correcting property prices.

Property prices have corrected to the tune of 3.6% in Markham from 2017 end and by 6% in Richmond Hill. Home sellers in these areas saw huge increases in prices during the 2017 boom as per reports. Average prices of homes came down to $1.14 million in Richmond Hill which is lower than $1.215 million seen last year for the same duration. This is also lower by 1.8% as compared to the average prices in the last quarter of 2017 according to reports.

The average property price in Markham is $991, 068 for the first quarter of 2018 and this is lower than the average price in the same period last year which stood at $1.03 million. This is also lower than the prices in the fourth quarter of 2017 by around 4.3%. Prices went up by 1.9% in Vaughan and stood at $1.02 million for H1 2018 as compared to pricing in the same period in 2017 at $999.679. However, the prices were lower by 2.8% as compared to 2017’s last quarter. Residential realty trends are mixed all throughout the York area in Canada for the first quarter.

Home prices appreciated in Vaughan while correcting in Markham and Richmond Hill. The bungalow segment is currently seeing a boom in Vaughan but homebuyers will appreciate the lowered prices in Markham and Richmond Hill and this should eventually scale up sales volumes in the future as per experts. The high property values and new regulations for mortgages did lower home sales in Markham. However, sales volumes are steadily rising again due to the lower prices. The condominium market is also witnessing several transactions here which may lead to prices appreciating overall in the future as well.

Average GTA home prices went up by 3.1% on the year-on-year basis and Toronto was the segment leader here with prices increasing by around 6.3%. The condo market is still seeing a boom in Toronto. Buyers often had to fork out more than market value during last year’s boom. However, in areas like Markham and Richmond Hill, the prices are now more rational and suitable for those who wish to pay a fair and comparatively affordable price. The market is steadily attaining greater balance as per experts.