As we reach the end of June (and quickly too), we’ve seen just how much the market has changed and the impact it has on every realtor trying to sell. This city, however, is seeing the most overvalued real estate in Canada.
Moody's Analytics has ranked Peterborough, Ontario, at the top of the list for most overvalued housing markets. The assessment is based on the company's fourth-quarter assessment of housing price valuations in Canada. In 2022, the Greater Toronto Area will have one of the most expensive housing markets in the world, according to Moody's.
The average May 2022 selling price is $836,843, up nearly 19.8 per cent on the previous year. However, many prospective homebuyers are still stuck waiting to achieve the dream of home ownership.
After Peterborough, Canada's second most overvalued housing market was also found not too far from Toronto, with St. Catharines-Niagara's market valued at 106.9 per cent. In May, sales fell at an annualized rate of 34.3 per cent with a year-over-year decline of 18 per cent and a 17.7 per cent dip below the ten-year average. A spike in supply could further ease conditions, though Kate Kidd, President of the Peterborough and the Kawarthas Association of Realtors says it will take more than a few months of stronger supply to have any meaningful impact on the market balance.
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