Toronto housing sales are slowing down, but not when it comes to homes over $1.5 million

have increased the cost of borrowing, which has consequently deterred buyers. Moreover, as the Bank of Canada is expected to hike interest rates further, mortgage costs are expected to follow the same trajectory. Interestingly, such rapid yet expected hikes in interest rates could have differing effects on market participants.Article content

Many market observers expected a decline in sales volume in 2022 because the increase in sales witnessed in 2021 was not sustainable. Consider that across Canada, the Multiple Listing Services reported 666,643 sales, up from 552,640 sales in 2020 — a year-over-year increase of 21 per cent. A riddle remains: housing sales have experienced significant declines, but housing prices have continued to increase, although at a slower pace. Sales data from the Greater Toronto Area help explains why sales and prices don’t march in unison.

Let’s look at the numbers. In 2021, the January-to-April sales of homes sold for more than $1.5 million represented 15 per cent of the total sales. A year later, the same price category accounted for 27 per cent of the sales. Relative to 2021, sales of homes sold over $1.5 million increased by 31 per cent.Article content

financialpost Just don’t use a real estate agent and save your money!!!

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Toronto housing sales are slowing down, but not when it comes to homes over $1.5 millionThe million\u002Ddollar\u002Dplus price club seems immune to rate hikes Are there any houses in Toronto under $1.5 million, lol? Nice affordable housing Justin This is only the very beginning of the crash. Stay tuned.
Source: nationalpost - 🏆 10. / 80 Read more »

Home sales normalizing in B.C., report suggestsHome sales were down 35 per cent last month, compared to last year, according to the B.C. Real Estate Association. Coincidence? Am i supposed to call Niva Chan on 604.788.3900 now?
Source: CTVNews - 🏆 1. / 99 Read more »

Rat population ‘exploding’ near garbage enclosure at TCHC building, worries neighboursTheFixer: One account I found online says Toronto’s rat population has doubled in the past 10 years Other stories blame the widespread expansion of rats into residential areas on the closure of restaurants due to COVID-19, writes TOStarfixer TOStarfixer Do they know what dealers do to 'rats' in TCHC bldgs? TOStarfixer Has city council really expanded that much?
Source: TorontoStar - 🏆 60. / 55 Read more »