. But it looks like homebuyers are getting a break from the intense and sustained price appreciation in the GTA as markets cool in the wake of the Bank of Canada hiking interest rates.on Thursday morning, comparing market activity from 60 districts in the GTA across the first two quarters of 2022, looking at factors such as unit sales and prices to determine the trajectory of each market.
"Those fast and furious incremental increases placed downward pressure on housing sales and prices, improving affordability on one hand, but eroding it on the other." "Given that the core has traditionally been more resilient, bolstered by strong demand, a finite supply of homes available for sale, higher household incomes, and greater equity at the top end of the market, the results are not unexpected," said Alexander.
"For those buyers that were active in Q2, improved housing affordability due to easing prices and the threat of higher rates down the road clearly provided the impetus for many to leap into detached home ownership," said Alexander., which all recorded spikes in second-quarter home sales. Markets like Clarington offer single-family homes for just over $1 million. That would seem bananas expensive just a few years ago, but in 2022, it's a steal.
Glad to hear that
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