Canada house prices: How will they be impacted by rising rents?

Houses for sale in Ottawa

After surging for nearly two years during the housing market boom of the early pandemic, home price appreciation has tailed off and even declined in many parts of the country.

The average price of a home in Canada fell 5% in July compared with the same time last year, according to the latest data from the Canadian Real Estate Association (CREA), as the market continues to adjust to lower purchase demand and rising borrowing costs.

In the current climate, Tulman said a clear focus is helping buyers and property owners get quick and reliable appraisals that accurately reflect the value of their property, especially as undervaluation has become more common in an unpredictable market.

“It’s the duty of the broker [firstly] to ensure that the appraisal is ordered and conducted as quickly as possible to reduce the risk of a low appraised value due to the continued market downturn, and [secondly] to verify that the appraiser was using relevant comparables and accurately appraising the property in the event that an appraisal comes in below the estimated value,” he said.

“If we as brokers do our research and uncover more accurate and relevant comparables and other flaws in an appraisal, it’s our duty to our customers to advocate on their behalf and either help the appraiser realize and correct any potential errors, or get a different appraisal.”

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