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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

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