Toronto home sales cool in March as average price dips to just under $1.3 million — via financialpost homesales
“Now is the time for governments to govern and focus on measures that are proven to increase housing supply,” said TRREB president Kevin Crigger in a press release. “The population will experience rapid growth in the coming years as our region’s economic strength and diversity continues to attract people from around the world. In order to sustain this growth, we need adequate housing supply and choice.
TRREB’s chief market analyst Jason Mercer noted that the first quarter of the year saw more balance compared to 2021. If this trend continued, Mercer said the pace of price growth could moderate throughout the year. “House prices have accelerated pretty rapidly and when you see that and when buyers are losing out on five, 10, or 15 bidding wars, they end up pulling out of the market and that kind of starts to cool things down a little bit as demand pulls out,” Pasalis said.Article content
A handful of rate hikes on their own will not have a material impact on how much Canadians can qualify to borrow due to the stress test, Pasalis said. However, more frequent and more aggressive rate hikes will hit Canadians’ appetite for borrowing.
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