Although new home sales in the Greater Toronto Area were up in June, the Building Industry and Land Development Association (BILD) says sales have dipped “significantly below” the 10-year average.
According to BILD, there were 2,526 new home sales in the GTA in June, up 32 per cent from last June but 30 per cent below the 10-year average.
In an effort to curb inflation, which peaked at 8.1 per cent last year, the Bank of Canada introduced a series of interest rate hikes beginning in March 2022. Earlier this month, the central bank raised its key interest rate again by 25 basis points, bringing the benchmark rate to five per cent. “Thus, when the Bank of Canada continually raises interest rates, it is exacerbating Canada’s housing supply and affordability crisis.”
There were 569 single- family homes sold in June, up 256 per cent from June 2022 but 49 per cent below the 10-year average.
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