Can you get a zero-down mortgage in Canada?

 

When it comes to buying a home, the down payment is probably the biggest barrier that new homebuyers face. For this reason, it is common for buyers to try and buy with a lower down payment in order to purchase their home sooner. Especially with prices as high as they are, this option has proved useful for many homebuyers.

Generally, when it comes to buying a home, the lowest possible you can go on a down payment is 5% of your home's purchase price. But what if there was another way to get your home while paying even less?

It turns out there may be. Though zero-down mortgages are rare in Canada, there are some ways you may be able to make it work. However, this option will not be suitable for everybody. In general, your mortgage will be riskier the less you pay, and your mortgage terms may also become less favorable. But if you have no other options and are willing to put in a bit of extra work, this may be the path for you.

In this article, we will explore your options for a zero-down payment mortgage in Canada, how to qualify, and whether or not it is right for you.

Do zero-down payment mortgages exist in Canada?

You might be surprised at this article’s topic if you thought that a zero-down payment mortgage was not an option in Canada. Technically you're right, but that isn’t the whole story.

The vast majority of lenders in Canada will not offer you a mortgage with no down payment at all. In fact, the more highly regulated major lenders legally could not if they wanted to.

In most cases, the lowest you can go is 5% of your home's purchase price. This is only available for homes under $500,000 and will incur mortgage default insurance costs.

But, just because you can't get a zero-down payment mortgage doesn't mean that the down payment money has to be your own. It is possible in some cases to use borrowed money as the down payment to borrow more money for a mortgage, resulting in effectively zero-down on your part. This is the basic principle that makes zero-down payment mortgages possible in Canada.

How does a zero-down mortgage work?

Essentially, if you want to put zero-down upfront on your mortgage, you will need to get the money somewhere. There are a few options where you may go for this loan.

Naturally, this comes with some complications. The first and most obvious is that you are now taking on two separate debts to buy your home. This can put you at a lot of risk as a borrower and will mean higher monthly costs requiring strong money management skills.

Further, lenders don't just give you a mortgage if you show up with a down payment. They want to know where the down payment came from and that you have the money to support the payments. If they know you went into deep debt to get your down payment funds, they might just disqualify you from getting the mortgage anyway. You may be required to shop around to different lenders willing to work with someone in your position.

On top of everything else, you will need a great financial profile to qualify. Obviously, your savings aren't great if you had to take out a loan for a down payment, and now your debt service ratios may not be great either. To make up for this, you will have to have an excellent credit score and a high and stable income to boot.

Where does the money come from?

When looking to put zero-down on a house, there are a few places you can look to find funding.

Borrowing money from family

One increasingly common option among young home buyers is to receive money from parents or a close family member to help buy a home. There are two ways this can be handled.

The first is simply a gifted down payment. With a gifted down payment, your money will not impact your debt ratios, as it is technically not considered borrowed. The gifter is legally not allowed to collect any repayment for this gift. If you are not self-employed, this gift can make up the entirety of your down payment.

If you have borrowed money from a family member that you intend to pay back, like the rest of the options listed here, you will need to inform your bank about the repayment and potential interest on this loan so they can take it into account when qualifying you.

Personal loans

Another option may be to get a personal loan. Personal loans can be found at several different institutions, though you will likely have to pay a pretty hefty interest rate for your borrowed money. This may be a good option if your down payment is very small, such as for an inexpensive home.

Personal lines of credit

A third option would be a line of credit, which will have better interest rates than personal loans. However, you will likely need to get a line of credit from a different lender than you get your mortgage from, and the same debt service rules will apply if you are making regular payments on your line of credit.

Borrowing from home equity

Finally, many homeowners choose to fund a second property with equity from their first. This is technically borrowed money, though since it is secured against your home most people simply see this as using your enquiry directly. Unfortunately, having an existing home to borrow against is not necessarily a viable home buying strategy for many buyers looking to make their home purchase cheaper.

Credit cards

Buyers may also be tempted to consider using credit cards to help fund part or all of their down payment. This is not recommended. Credit cards are best used for small and medium-sized purchases that you can pay back promptly. A large amount like a down payment, even if your credit limit would allow for it, would incur massive amounts of debt in a very short period of time, and this is a very bad idea.

How does getting approved work?

Getting approved for a mortgage with a borrowed down payment will be similar to being approved for any other mortgage. Your lender will need documentation to support your income, savings,employment, debt obligations and credit score in order to determine your creditworthiness. As mentioned previously, you will need to inform them of where your down payment funds have come from if they are borrowed so they can take this debt into account. Finally, you will need to pass the mortgage stress test as well.

To make up for increased debt service, you will need to prove your creditworthiness in other ways. You will firstly need a reliable job that pays you a high enough income to cover your increased debts. Though you can borrow money for your down payment, you can't borrow your monthly payments and will need to keep up with those.

You will also need a high credit score. Lenders already prefer borrowers with high credit scores, so the higher, the better when going for a no-down payment mortgage.

Being in good financial health will also be necessary when it comes to getting your down payment loan in the first place. You should take a careful look at your financial circumstances and consider talking to a mortgage broker before getting a loan to be sure you will be able to get a mortgage.

What's the lowest down payment I can make?

If you are borrowing money for a down payment, you will need to borrow at least 5% of your home’s value, though more expensive homes may require higher down payments. In addition, consider what additional costs you may be required to pay from things like closing costs and mortgage insurance. If you don’t have money for these, you may need to borrow an even larger loan to ensure your home purchase goes through.

Borrowing only part of a down payment

You may also choose to borrow only a portion of your down payment to increase the amount you can put down. This would be useful, for example, if you had less than 20% for a down payment and

were interested in reducing your cost from mortgage default insurance. Depending on how far off you are, borrowing money may cost less than paying the insurance premium. Another example may be to pay more for a better interest rate. Generally, it will be easier to qualify with only part of your down payment borrowed as opposed to attempting a zero-down mortgage.

You may also want to borrow a bit of extra money when buying your home if you find you are falling short of closing costs. In this case, your option would be to borrow the money or break the purchase agreement, making it a clear choice. For purposes like this, some banks offer cash-back mortgages, allowing you to receive extra cash after your mortgage closes.

What are the downsides of a zero-down mortgage?

When you are looking to find a way around the minimum requirements for a mortgage, it is important to understand that these requirements are in place for a reason. This is partly to protect lenders from defaults, with mortgage insurance being the best example. But by protecting from defaults, these limits also protect consumers from financial disaster.

The trouble, then, when you try to circumvent these minimums is putting yourself at increased risk. First, you also pay more interest by borrowing more money. You may feel like you are saving money upfront, but you would pay a lot more down the line. Furthermore, increased debt service will limit your disposable income and make you more susceptible to financial shocks.

At the same time, though you own your home, you will have very little equity due to borrowing such a large amount. This will make it hard to use something like a HELOC until you have made significant payments toward your principal.

Finally, when you have two loans instead of one, especially with something like a personal loan, you will be affected much more by interest rate increases. If you don't anticipate the possibility of rate increases, you could run into trouble down the line if things increase.

Conclusion

Though many homebuyers aren’t aware of the option, it may be possible to reduce the amount you need to pay with a down payment. However, this will make it harder to get your mortgage approved and will end up costing you more down the line. Though it still presents a viable option for some buyers, you should carefully consider your financial status and speak to a financial advisor or mortgage specialist before you pursue this option.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source:  Real Estate Wealth

 

Housing Affordability in Canada: 2022 RE/MAX Report

Relocation, relocation, relocation: Canadians love their neighbourhoods, but will move to achieve housing affordability

• For 64 per cent of Canadians, relocation is among the top sacrifice they’d be willing to make in order to achieve housing affordability; however, half (50 per cent) agree that the farthest they would go would be less than 100 kilometres     

56 per cent say that moving to a different neighbourhood/community would be one of the top three sacrifices they would make

38 per cent would make the sacrifice of moving to a different city/province/region regardless of the distance        

• 38 per cent of Canadians define housing affordability as a home they can afford that meets their basic needs, and includes some liveability elements, such as green spaces and restaurants
• Based on average residential selling price, Brandon, MB ranked as the most affordable market in 2022, replacing Winnipeg which was most affordable in RE/MAX Canada’s 2021 ranking. This is followed by Regina, SK (which remained on the list year-over-year), St. John’s, NL, Moncton, NB and Red Deer, AB
• Based on the share of income spent on mortgage payments, Red Deer, AB ranked as Canada’s most affordable housing market, with 25.86% of average monthly income spent on the average-priced home. This is followed by Regina, SK (26.94%) and Brandon, MB (27.73%) in Western Canada. Eastern Canada’s most affordable regions to buy a carry a mortgage include Thunder Bay, ON (29.78% of monthly income spent on mortgage), followed by St. John’s, NL (31.45%) and Moncton, NB (33.4%)

Toronto, ON and Kelowna, BC (July 20, 2022) — RE/MAX® Canada’s 2022 Housing Affordability Report reveals that 68 per cent of Canadians are willing to make at least one sacrifice to buy a home they can afford, according to a Leger survey commissioned by RE/MAX Canada. The most common concession is relocation, as identified by 64 per cent of survey respondents – a trend that continues to reign as a primary influence in local housing markets across the country, say RE/MAX brokers. This is followed by 56 per cent indicating they would be willing to sacrifice the type of home they purchased; purchasing a home under co-ownership with family and friends, as identified by 29 per cent of survey respondents; and renting a part of their home for additional income, at 27 per cent.

According to the same Leger survey, 43 per cent of Canadians said the high price of real estate in their area was a barrier to entry into the market. This is up one per cent from last year. Other hurdles include a higher cost of living (35 per cent); a shortfall in salary (24 per cent, down two per cent from 2021); market volatility (24 per cent); and rising interest rates (24 per cent, up six per cent from 2021).

“Despite affordability challenges across the cost-of-living spectrum, Canadians are still eager to engage in the housing market – even if it means making some sacrifices in the short-term to achieve affordable home ownership,” says Christopher Alexander, President, RE/MAX Canada.

 RE/MAX Canada asked Canadians to define what “housing affordability” means to them – 38 per cent of survey respondents defined affordable housing as “a home they can afford and meets their basic needs, and includes some of the liveability elements they like such as proximity to school; or walkable neighbourhoods,” to name a few.

 “While we wait for governments to implement a national housing strategy to boost Canada’s supply of affordable housing, in the short-term the market is starting to cool and balance itself out, bringing some much-needed relief from the sky-high prices that we experienced during much of the pandemic. This trend is largely being driven by higher interest rates,” says Alexander.

Housing Affordability in Canada: Regional Market Trends

RE/MAX Canada brokers and agents in 24 key markets across the country were asked to provide their analysis on local market activity and housing affordability trends for the first half of 2022.

Housing Affordability in Western Canada

Across Western Canada, competition from out-of-town or move-over buyers has put upward pressure on home prices year-over-year. Double-digit year-over-year price increases were noted in Kelowna/Central Okanagan, BC (+21.1% from $778,657 in 2021 to $942,977 in 2022), Vancouver, BC (+19.69% from $1,097,000 in 2021 to $1,313,000 in 2022), Victoria, BC (+14.93% from $885,117 in 2021 to $1,017,292 in 2022), and Winnipeg, MB (+12.66% from $388,291 in 2021 to $437,460 in 2022). Meanwhile, more modest price increases were seen in markets including Calgary, AB (+5.85% from $499,229 in 2021 to $528,440 in 2022), Edmonton, AB (+4.73% from $390,490 in 2021 to $408,961 in 2022), Red Deer, AB (+3.24 % from $345,576 in 2021 to $356,779 in 2022), Regina, SK (+0.42% from $322,600 in 2021 to $323,950 in 2022), Brandon, MB (+1.75% from $304,929 in 2021 to $310,252 in 2022) and Saskatoon, SK (+1.45 from $368,079 in 2021 to $373,410 in 2022).

In regions such as Victoria, BC, and Vancouver, BC, some of the most significant factors impacting housing affordability include the high cost of living, inflation, and the housing supply shortage, which is being further compounded by new-home construction delays. Some of these factors reign true as well in regions such as Edmonton, AB, where affordability challenges are being attributed to residential construction delays; out-of-province/out-of-region buyers driving up demand and prices; and rising interest rates. In Calgary, the primary factor has been rising interest rates.

As buyers navigate high housing prices, some regions across Western Canada are experiencing trends such as properties being purchased as a primary residence while also renting part of the home to supplement monthly mortgage payments. The pooling of finances between friends and family has continued to remain a trend, as noted by the local RE/MAX broker in Victoria, BC.

The most affordable neighbourhoods across Western Canada regions surveyed include:

• Victoria, BC – Sooke, Saanich West and View Royal
• Kelowna/Central Okanagan, BC – Rutland, Glenrosa and Kelowna North
• Edmonton, AB – Beverly/Beacon Heights, Prince Rupert/Queen Mary Park and Westwood
• Calgary, AB – Dover, Erinwoods and Abbeydale
• Red Deer, AB – Vanier Woods, Sunnybrook South and Laredo
• Winnipeg, MB – Transcona, North Kildonan and Riverbend
• Brandon, MB – Souris, Wawanesa and Rivers
• Saskatoon, SK – Riversdale, King George and Casewell Hill

Housing Affordability in Ontario

Similar to Western Canada and Atlantic Canada, some of the smaller regions outside of Toronto/GTA have experienced some of the highest year-over-year price increases in the first half of 2022, due to rising demand and limited supply – Windsor, ON (+24.42% from $542,225 in 2021 to $674,637 in 2022), Barrie, ON (+24.40% from $767,004 in 2021 to $954,133 in 2022), Sudbury, ON (+23.85% from $402,855 in 2021 to $498,939 in 2022 ), London, ON (+23.26% from $632,302 in 2021 to $779,383 in 2022), Hamilton, ON (+22.35% from $775,742 in 2021 to $949,099 in 2022), Thunder Bay, ON (+17.58% from $315,321 in 2021 to $370,761 in 2022), Kingston, ON (+20.83% from $574,844 in 2021 to $694,576 in 2022), Ottawa, ON (+11.46% from $728,205 in 2021 to $811,653 in 2022). In Kitchener/Waterloo, ON, the increase was more modest at +4.29% year-over-year from $759,115 in 2021 to $791,674 in 2022. Unsurprisingly in Toronto/GTA, year-over-year price increases sit at +16.88% from $1,075,636 in 2021 to $1,257,257 in 2022.

Alternatives to traditional home ownership have also seen an uptick in some Ontario regions, as identified by RE/MAX brokers in Hamilton and Windsor. Some of the most significant factors impacting housing affordability in Ontario, highlighted by brokers in Windsor, Sudbury and Ottawa among others, include low or diminishing housing supply, rising interest rates, cost of living and inflation, out-of-province/out-of-region buyers, economic and employment conditions.

The most affordable neighbourhoods across Ontario regions surveyed include:

• GTA, ON – Oshawa, Orangeville and Essa
• Hamilton, ON – Crown Point North, Durand North and Central South
• Kingston, ON – Kingscourt, Henderson and Rideau Heights
• Thunder Bay, ON – Westfort, Current River and East End
• London, ON – London East, St. Thomas and South London
• Ottawa, ON – Rockland, Herongate/South Keys and Bells Corners
• Sudbury, ON – Onaping Falls, Capreol and Wahnapite

Housing Affordability in Atlantic Canada

In Atlantic Canada, Halifax has experienced significant year-over-year price growth (+23.59% from $460,787 in 2021 to $569,475 in 2022) as a result of the move-over buyers migrating to the region for its relative affordability. More modest price increases were experienced in St. John’s, NL (+6.23% from $313,364 in 2021 to $332,900 in 2022), Moncton, NB (+2.11 % from $331,003 in 2021 to $337,992 in 2022) and Charlottetown, PEI (+29.30% from $355,000 in 2021 to $459,000 in 2022).

Affordability in regions across Atlantic Canada, such as Halifax, St. John’s and Charlottetown, has been impacted most by rising interest rates and inflation, low housing supply, out-of-province/out-of-region buyers, the return of immigration, and insufficient new-home construction further impacting growing demand.

The most affordable neighbourhoods across Atlantic Canada regions surveyed include:

• Halifax, NS – Lower Sackville, Eastern Passage and Fairview
• St. John’s, NL – Paradise, Conception Bay South and Portugal Cove St. Philips
• Charlottetown, P.E.I – Summerside, Rural and Cornwall
• Moncton, NB – Moncton Centre, Moncton East and Riverview West

Interest Rate Effect on Housing Affordability in CanadaThe record-low interest rates that first appeared in 2020 and continued throughout 2021 presented an exceptional opportunity for Canadians to enter or move up in the housing market. However, they also added fuel to an already hot market. With inflation at a 40-year high and interest rates rising, the housing market is starting to cool. In late 2021, RE/MAX Canada had anticipated steady price growth for the year ahead, with an estimated 9.2-per-cent increase in average residential sale prices across the country for 2022. Currently, with the exception of Hamilton, Ontario, price growth appears to be easing ­– a trend that is expected to continue through the remainder of 2022, with growth likely to occur in the single digits, and some markets expected to experience a modest decline.

“Despite current economic conditions, rising interest rates are not the biggest factor impacting housing affordability,” says Benjamin Tal, Deputy Chief Economist, CIBC. “Instead, it’s the pace at which interest rates increase that poses a greater risk to the housing market and economy in the short-term. In the long-run, factors such as rising immigration levels putting further strain on demand, limited housing supply, supply chain hold-ups, and the shortage of skilled labourers will be the greatest hurdles in overcoming Canada’s housing affordability crisis. These must all be addressed in order to help balance supply.”

Adds Elton Ash, Executive Vice President, RE/MAX Canada, “The shifts we are seeing in the housing market, with prices starting to ease across the country in tandem with softening demand and sales, are an overdue adjustment. A healthy housing market is characterized by price appreciation in the mid- to high-single digits, and many markets across Canada are re-entering that comfort zone.”

Based on broker insights and external data, as indicated within the accompanying RE/MAX Canada Housing Affordability Index, the average monthly mortgage amount across Canada ranges from approximately $1,492 to $6,314. Depending on regional income levels and with a 20-per-cent down payment, this accounts for anywhere from 25.86 to 112.25 per cent of Canadians’ monthly income. According to the Leger survey, 18 per cent of Canadians define housing affordability as allocating only 30 to 40 per cent of their monthly household income toward housing costs, including mortgage payments, property taxes and other housing-related expenses.

Thus, concern over the ability to afford a home remains among Canadians, with 68 per cent of survey respondents agree that they can’t afford to buy a home in the neighbourhood/region they choose in the next six months; 64 per cent say that eroding housing affordability is making them less confident in their ability to purchase a home; and 63 per cent express that rising interest rates are prompting them to put their home-buying plans on hold for the foreseeable future. Unsurprisingly, 70 per cent of Canadians agree that Canada needs a national housing strategy to solve the housing crisis. This number is up 10 per cent from last year.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source:  RE/MAX

 

 

The percentage of residential sales involving foreign buyers has dropped to record lows over the past 18 months.BC Ministry of Finance

While the province continues to take action to cool the housing market, the original target of government intervention has been quietly sticking to the sidelines.

The latest round of property transfer tax data released by the BC Ministry of Finance shows that foreign buyers accounted for a record low proportion of residential transactions in June at just 1 per cent. This is consistent with a downward trend seen even before the pandemic, when international borders shut to foreign travellers and potential purchasers.

The proportion of residential transactions with foreign involvement has not been above 1.5 per cent since July 2020 nor has the proportion been consistently above 2 per cent since April 2019.

The low level of activity is a shift from July 2016, when the province reported that foreign nationals were involved in 9 per cent of residential transactions and began charging those buyers an additional property transfer tax of 15 per cent of transaction value.

Popularly known as the foreign buyers’ tax, it had a short-lived chilling effect on transactions. Residential transactions fell to 1.4 per cent of all residential sales in August 2016 before normalizing to a level of three to four per cent for the duration of 2017. When the new BC NDP government raised the additional tax to 20 per cent in February 2018, the rate fell below three per cent and stayed there even as sales surged as the economy reopened.

Sorted by municipality, the latest figures indicate that Surrey, Richmond and Vancouver are the top municipalities for foreign buyers of residential real estate. Surrey saw 84 residential transactions involving foreign buyers in the first half of this year, followed by Richmond with 64 and Vancouver with 44.

Of the 11 jurisdictions reporting residential sales involving foreign nationals, Whistler is the only one outside Metro Vancouver. (When other types of transactions involving foreign buyers are included, Ashcroft also figures.)

The relatively low percentage of foreign buyers now active in the market underscores that the tight market hinges more on a lack of supply than competition from those who wish to park capital here.

Underscoring this is provincial data regarding first-time buyers.

During the first half of this year, first-time buyers accounted for 4,426 residential purchases. That’s a 46 per cent decrease from the same period last year, when first-time buyers made 8,130 purchases.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source:  Western Investor

2022 Housing Affordability Report

 

The newly released 2022 Housing Affordability Report reveals that 68 per cent of Canadians are willing to make at least one sacrifice to buy a home they can afford, according to a new Leger survey commissioned by RE/MAX Canada. The most common concession is relocation, as identified by 64 per cent of survey respondents. Read the full report to learn more, and share with your clients to keep them informed.

KEY FINDINGS

56 per cent say that moving to a different neighbourhood/community would be one of the top three sacrifices they would make.

Based on average residential selling price, Brandon, MB ranked as the most affordable market in 2022. This is followed by Regina, SK (which remained on the list year-over-year), St. John’s, NL, Moncton, NB and Red Deer, AB.

Based on the share of income spent on mortgage payments, Red Deer, AB ranked as Canada’s most affordable housing market, with 25.86% of average monthly income spent on the average-priced home.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: RE/MAX Canada

Home buyer demand continues to ease across Metro Vancouver

 

Metro Vancouver’s housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3 per cent decrease from the 3,326 sales recorded in July 2021, and a 22.8 per cent decrease from the 2,444 homes sold in June 2022.

Last month’s sales were 35.2 per cent below the 10-year July sales average.

“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John, REBGV Chair said. “This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”

There were 3,960 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2022. This represents a 9.5 per cent decrease compared to the 4,377 homes listed in July 2021 and a 24.7 per cent decrease compared to June 2022 when 5,256 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,288, a 4.4 per cent increase compared to July 2021 (9,850) and a 1.3 per cent decrease compared to June 2022 (10,425).

“After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision,” John said. “In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.”

For all property types, the sales-to-active listings ratio for July 2022 is 18.3 per cent. By property type, the ratio is 11.8 per cent for detached homes, 20 per cent for townhomes, and 24.5 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,400. This represents a 10.3 per cent increase over July 2021 and a 2.3 per cent decrease compared to June 2022.

Sales of detached homes in July 2022 reached 523, a 50.2 per cent decrease from the 1,050 detached sales recorded in July 2021. The benchmark price for a detached home is $2,000,600. This represents an 11 per cent increase from July 2021 and a 2.8 per cent decrease compared to June 2022.

Sales of apartment homes reached 1,060 in July 2022, a 36.4 per cent decrease compared to the 1,666 sales in July 2021. The benchmark price of an apartment home is $755,000. This represents an 11.4 per cent increase from July 2021 and a 1.5 per cent decrease compared to June 2022.

Attached home sales in July 2022 totalled 304, a 50.2 per cent decrease compared to the 610 sales in July 2021. The benchmark price of an attached home is $1,096,500. This represents a 15.8 per cent increase from July 2021 and a 1.7 per cent decrease compared to June 2022.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source:  REBGV