ah. CREA reported a ~30% drop in average sale price across all transactions, true. That is very different than a 30% drop in the value all real estate.
If you break it out into type of home, it shows that the average price drop is about ~10% for any given market. This shows that consumers in 2022 shifted buying preferences from expensive home types to cheaper home types. This makes a lot of sense given the push for multi family housing and rising interest rates.
The value of individual housing didn't change 30%, it was mostly just a market shift towards cheaper housing. If people shift from buying Mercedes to buying Kia, the average transaction price for a car will fall a lot, but that doesn't mean that Mercedes is on sale for cheap.
If you break it out into type of home, it shows that the average price drop is about ~10% for any given market. This shows that consumers in 2022 shifted buying preferences from expensive home types to cheaper home types. This makes a lot of sense given the push for multi family housing and rising interest rates.
The value of individual housing didn't change 30%, it was mostly just a market shift towards cheaper housing. If people shift from buying Mercedes to buying Kia, the average transaction price for a car will fall a lot, but that doesn't mean that Mercedes is on sale for cheap.