The Greater Toronto Area housing market saw home sales and prices barely shift between July and August, but the leader of the region's housing board is expecting more volatility on the way.
The Greater Toronto Area housing market saw home sales and prices barely shift between July and August, but the leader of the region's housing board is expecting more volatility on the way.
The numbers reflect higher borrowing costs and uncertainty about the economy and the Bank of Canada's decision making, which has resulted in ten interest rate hikes over the last 18 months. The bank was due to make another interest rate announcement Wednesday morning. "In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy."
"As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers in order to qualify for higher monthly payments. Not all sellers have chosen to take lower than expected selling prices, resulting in fewer sales." On the sales side, 12 per cent fewer detached homes were sold in August, when compared with a year earlier. Semi-detached property sales fell 14.4 per cent, but condo apartments sales increased 7.6 per cent and townhouse sales moved up 0.6 per cent.
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Toronto home sales little changed from July to August — but expect volatility: boardTORONTO — The Greater Toronto Area housing market saw home sales and prices barely shift between July and August, but the leader of the region's housing board is expecting more volatility on the way.
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Toronto home sales little changed from July to August but expect volatility: boardThe GTA housing market saw home sales and prices barely shift between July and August, but the leader of the region's housing board is expecting more volatility on the way.
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