Home prices and sales in Canada’s most populous city continued to slide as economic uncertainty and rising rates put more would-be homebuyers on the sidelines.
The number of homes exchanging hands tumbled 47 per cent year-over-year in July and 24 per cent from a month earlier, seeing 4,912 units sold. “Policymakers could help allay some of this uncertainty,” DiMichele said in a release accompanying the data. “As higher borrowing costs impact housing markets, TRREB maintains that the OSFI mortgage stress test should be reviewed in the current environment. Consumers looking to renew their existing mortgages with a different lender should not be subject to an additional stress test burden beyond what they would face with their existing lender.
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