suggests that property values in the city and across Canada are still falling, albeit at a slower pace.
Compared to the February peak that saw 110,800 resales, Hogue said Canada’s rising interest rates have “clearly” turned down the temperature on both demand and supply and the “excesses” of an overheated Toronto market are burning off. Since the first hike in March, the MLS’ Home Price Index , which Hogue describes as a “pure measure of a property’s value,” for the Toronto area has fallen 18 per centBut when exactly will prices bottom out and could that be the time to get into the market as a first-time home buyer?
“Downward pressure on prices will persist for the time being [in the Greater Toronto Area]. And, in our view, the way to alleviate, at least partly some of the affordability problem, is prices have to fall, so we have prices continuing to fall until the spring.”
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It’s a no win situation, sells are dropping prices yes, but cost of borrowing it getting higher so purchasers are in the same boat if even higher borrowing costs
No they haven’t! Stop BS ing🤬
And still unaffordable…just in a different way…
Still unattainable for much of the people who keep the city running.
But less affordable than they were a year ago. And when rate’s finally start to come down home prices will shoot up again because it’s a supply/demand problem. Maybe past previous records considering more immigrants are coming but builders are actually pausing construction.
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Source: CTVToronto - 🏆 9. / 84 Read more »