TheTeranet-National Bank Composite House Price Index declined in November, marking a modest slowdown in the housing market in Canada.
There is a saying that “all real estate is local”, meaning that real estate responds to developments within the local market and can move independently of the overall Canadian numbers.
The national house price index may not directly apply to Prince Edward County market. However, with so many County homes purchased by Toronto buyers, what happens in Toronto is relevant.
The House Price Index for Toronto was basically unchanged from October to November (0.1%), but the November price level was still 4.1% below the market peak in July 2017.
In other words, someone who bought a Toronto home in July 2017 has lost 4.1% on the value of their house.
From a buyer perspective, this is good news because it suggests a lessening of demand from Toronto.