Home sales in Ontario have reached their lowest levels since the Great Financial Crisis, excluding the pandemic shutdown. Nearly half of local centres are now in a buyer's market, leading to a decrease in prices. The impact is being felt across the country.
Home sales in this province fell for the fifth straight month in October to reach the lowest levels since the Great Financial Crisis, excluding the pandemic shutdown. RBC economist Robert Hogue said that nearly half of local centres, including Greater Toronto Area, Hamilton, Niagara, Barrie, and Kingston, are now in a buyer's market , leading to a decrease in prices. The MLS Home Price Index for Ontario has fallen at an accelerating pace over the past three months, dropping 1.4% in October.
The impact of higher borrowing costs and eroding affordability is being felt across the country. Canada's housing market has given back almost three quarters of the sales gains seen earlier this year. The national MLS Home Price Index fell 0
Home Sales Ontario Buyer's Market Prices Housing Market Affordability
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto Mayor and Ontario Premier Call on Federal Government for Financial SupportToronto Mayor Olivia Chow and Ontario Premier Doug Ford have written a letter to Prime Minister Justin Trudeau, urging the federal government to join their working group aimed at addressing the financial challenges facing Toronto. The city's long-term viability is said to be at risk.
Read more »
Ontario asks court to prevent Ottawa from intervening on Highway 413, Ontario PlaceOntario is asking the courts to officially declare the vast majority of the Impact Assessment Act to be of no force and effect
Read more »
Ontario asks court to prevent feds from 'holding up' Highway 413, Ontario PlaceDoug Downey, Attorney General of Ontario holds a press conference at Queens Park in Toronto Tuesday, Oct. 24, 2023.
Read more »
Sudbury paramedics among those honoured by Governor GeneralParamedics from across Ontario honoured for their exemplary service including several from Northern Ontario
Read more »
Junk-Rated Companies Have Most Debt to Refinance Since Global Financial CrisisUS junk bond issuers are poised to unleash a new wave of refinancing activity after back-to-back years of low volume, as the share of debt with near-term maturities climbs to the highest level in over a decade.
Read more »
Stocks won't have 'sustainable rally' until bond yield hits pre-financial crisis levelStocks have largely been held back by rising bond yields. But one strategist sees a key potential turning point around 5.25% on the 10-year Treasury yield.
Read more »