While successive interest rate hikes and broader global uncertainties have cooled the housing market, the demand for properties in some sought-after neighbourhoods in the Greater Toronto and Vancouver areas continues to hold steady and even increase, according to a new report.
From Q1 to Q2, Aurora was the best at -7.2 percent, while Stouffville was the worst at -22.3 per cent. Orangeville, the only district in Dufferin Country, saw a 26.47 per cent increase year over year and a decline of 12 per cent from Q1 to Q2. “The price softening was clearly more evident in suburban areas and the outer perimetres of the 416, most of which experiences strong upward momentum during the height of the pandemic as buyers sought to leave the city.”
“In Vancouver, for example, supply was lower this June than last in 50 per cent of markets and sales are down accordingly. This trend will likely keep prices fairly stable moving forward.”Data on unit sales saw a lot of variation year over year with detached home sales rising by 40 per cent in the GTA markets surveyed in the second quarter of 2022. The vast majority of increases happened in the 416 are code, the report indicated.
Caledon tops the list in Peel Region with a 37.7 per cent decrease, while Brampton is lowest at 42.1 per cent.