HomeReal EstateCanadians’ popular home price is between $200,000 and $300,000, less than half the average

Canadians’ popular home price is between $200,000 and $300,000, less than half the average

Canadians’ popular home price is between $200,000 and $300,000, less than half the average

After reaching its peak of $816,720 in February, the average price of a home in Canada has dropped by more than $170,000. According to the latest data from the Canadian Real Estate Association, the average price of a residential property in October was $644,643, not seasonally adjusted.

Despite the lower price tag, most online searches among Canadian homebuyers are for properties that cost well below the national average. This is according to a new study by Point2 Homes, an online real estate search portal.

Out of five million searches performed on Point2 Homes in 2022, more than 75 per cent targeted properties with a price of $600,000 or less.

“Canadian homebuyers are tightening their budgets in the post-pandemic landscape of increasing prices, inflation and mortgage rates,” the report states. “The lower budget ranges speak volumes to the buyer’s perception of affordability in today’s housing market.”

Additionally, the most popular price range searched for by Canadians in 2022 was between $200,000 and $300,000. This represents less than half the average price of a home in Canada.

This article was reported by CTV News.