Higher Borrowing Costs Impacting Affordability. Buyers Repositioning in the Marketplace. Continued Adjustments in the GTA.
- With higher borrowing costs, buyers have moved onto the sidelines to determine how to reposition themselves in a now higher rate environment.
- The GTA housing market continues to adjust to these higher borrowing costs with the number of transactions falling on both a monthly and annual basis.
- Based on the April housing market trends observed, it appears that the Bank of Canada is achieving its goal of slowing down consumer spending as it fights high inflation.
- The year-over-year decline in sales, particularly for detached homes, were relatively greater in the '905' area code regions surrounding Toronto.
- Despite slower sales in April, market conditions were still tight enough to support higher sales prices as compared to 2021.
- It is anticipated that there will be enough competition between buyers to support continued price growth relative to last year, however, annual growth will moderate in the coming months.
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April 2022 vs. April 2021
April 2022 vs. March 2022
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