Home sales in Ontario have reached their lowest levels since the Great Financial Crisis, excluding the pandemic shutdown. Nearly half of local centres are now in a buyer's market, leading to a decrease in prices. The impact is being felt across the country.
Home sales in this province fell for the fifth straight month in October to reach the lowest levels since the Great Financial Crisis, excluding the pandemic shutdown. RBC economist Robert Hogue said that nearly half of local centres, including Greater Toronto Area, Hamilton, Niagara, Barrie, and Kingston, are now in a buyer's market , leading to a decrease in prices. The MLS Home Price Index for Ontario has fallen at an accelerating pace over the past three months, dropping 1.4% in October.
The impact of higher borrowing costs and eroding affordability is being felt across the country. Canada's housing market has given back almost three quarters of the sales gains seen earlier this year. The national MLS Home Price Index fell 0
Home Sales Ontario Buyer's Market Prices Housing Market Affordability
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