Sales Continue to Decline. Increasing Borrowing Costs. Ongoing Lack of Inventory.
- GTA home sales in October were down 49% since last year.
- The market continues to adjust with increasing borrowing costs.
- The downward trend in home prices has flattened mostly due to an ongoing lack of inventory.
- “Home prices in the GTA have found support in recent months because price declines in the spring and summer mitigated the impact of higher borrowing costs on average monthly mortgage payments. The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability,” said TRREB Chief Market Analyst Jason Mercer.
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October 2022 vs. October 2021
October 2022 vs. September 2022
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