Sales came in at nearly half of last year’s levels, and price growth essentially flattened. TheReal_TRREB realestatenews realestate Toronto housingmarket
That’s contributed to continued softening in GTA home prices, with the region’s average at $1,074,754, up a scant 1.2% annually — the smallest year-over-year increase recorded since the first pandemic lockdowns of April 2020. That spread in price has dwindled steadily this year since tighter monetary policy kicked off in March, and is now 19% below what is now known as the market’s peak in February, reflecting a dollar loss of $259,790.
“TRREB has put realistic solutions on the table to address the existing housing affordability challenges. With savings high and the unemployment rate still low, home buyers will eventually account for higher borrowing costs. When they do, we want to have an adequate pipeline of supply in place or market conditions will tighten up again.”
“Many GTA households intend on purchasing a home in the future, but there is currently uncertainty about where the market is headed. Policymakers could help allay some of this uncertainty,” he says.
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