{"id":85457,"date":"2023-11-16T19:41:12","date_gmt":"2023-11-17T00:41:12","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/buyers-in-hibernation-as-home-prices-fall\/"},"modified":"2023-11-16T19:41:14","modified_gmt":"2023-11-17T00:41:14","slug":"buyers-in-hibernation-as-home-prices-fall","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85457","title":{"rendered":"Buyers In Hibernation As Home Prices Fall"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<\/p>\n<p>From 2000 to 2022, Canadian home prices increased 375% (an average of 17% annually, shown in red below), while the average Canadian wage (black line below) rose 3% per year.<\/p>\n<p>In the Greater Toronto and Vancouver Areas, where most<span class=\"paywall-full-content invisible\"> of the population lives, median home prices rose 450% and 490%, respectively.<\/span><\/p>\n<p class=\"paywall-full-content invisible\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/saupload_Screenshot-2023-11-16-at-10.33.31_E2_80_AFAM.png\" alt=\"Housing affordability in Canada\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption><\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible\">The mania escalated during the pandemic, when prices in popular areas leapt 50% between the end of 2019 and February 2022, when the average sale price nationally reached $816k.<\/p>\n<p class=\"paywall-full-content invisible\">In October, the average sale price was $656k, down nearly 20% from the peak. Where I live, north of Toronto, \u201cnew price\u201d discounts are evident, and properties are still sitting.<\/p>\n<p class=\"paywall-full-content invisible\">The trouble is that there is a huge supply of homes where owners and lenders are banking on market values over $1 million, more than 50% higher than October\u2019s average sale<span class=\"paywall-full-content no-summary-bullets invisible\"> price.<\/span><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">With buyers in hibernation, many owners\/lenders are turning hopes to a stronger spring market (CREA). But with mortgage rates not likely to be significantly lower by then, prices will need to give.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/7176741-17001804458465595.png\" alt=\"Tweet\" width=\"442\" height=\"755\" contenteditable=\"false\" data-width=\"442\" data-height=\"755\" loading=\"lazy\"> <\/picture><figcaption><\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><a rel=\"nofollow\" href=\"https:\/\/twitter.com\/jasongofficial\/status\/1724966632081035356\" rel=\"nofollow\">Source<\/a><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Disclosure:<\/strong> No positions<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><em>Original Post<\/em><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Editor&#8217;s Note:<\/strong> The summary bullets for this article were chosen by Seeking Alpha editors.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4652534-buyers-in-hibernation-as-home-prices-fall?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 2000 to 2022, Canadian home prices increased 375% (an average of 17% annually, shown in red below), while the average Canadian wage (black line below) rose 3% per year. In the Greater Toronto and Vancouver Areas, where most of the population lives, median home prices rose 450% and 490%, respectively. The mania escalated during [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-85457","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buyers In Hibernation As Home Prices Fall | iFintechWorld<\/title>\n<meta name=\"description\" content=\"From 2000 to 2022, Canadian home prices increased 375% (an average of 17% annually, shown in red below), while the average Canadian wage (black line\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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