Prices are down about 0.5 percent across the country from March of last year say real estate experts. And while this is resulting in more sales (up 1.6 percent from a seasonally adjusted rate of last year), these are only small increases relatively speaking.
So there have been moderate gains in the markets of Toronto, Montreal, Calgary, Ottawa and Quebec city. However, these are offset by the large declines found in the Fraser Valley and Vancouver area.
The national average for housing prices went down by 0.5 percent from last year. The average as of this March was $369,677.
Economists say that overall the national trends suggest very moderate gains or even a flattening out. Though this has been expected, it nevertheless does suggest things aren’t moving all that fast.
The slow down in the market doesn’t mean that investment in real estate is at a standstill though. While some say that there is a trend towards curbing spending due to high levels of household debt and fears about raised interest rates to come, many continue to buy up properties, particularly those in desirable neighbourhoods like the Kitsilano area.
Kitsilano real estate continues to be a sought after investment and many Kitsilano homes for sale sell quickly in comparison to other areas.