South Forest Hill Residences floor plans.The decline in house prices in Toronto slowed. House prices in Toronto, Canada, fell the smallest this year as a decline in the number of homes available for sale slowed the correction that began in the early days of higher interest rates.Please Visit: South Forest Hill Residences floor plans to Get Your VVIP Registration Today!
Benchmark house prices in Canada’s largest city fell 0.8 per cent to C $1.09 million ($802000), the smallest monthly decline since house prices began falling in April, according to data released by the Toronto area Real Estate Board (Toronto Regional Real Estate Board) on Tuesday.
It is understood that the city of Toronto sold only 4544 homes in April, down 49 per cent from a year earlier. However, the city listed fewer than 8900 homes in November, down from October and the same period last year. On a non-seasonally adjusted basis, benchmark prices in Toronto are down 18.4 per cent from their peak of about C $1.34 million earlier this year.
The regional real estate board said the figures provided evidence that the adjustment was slowing. Jason Mercer, the association’s chief market analyst, wrote in a statement: “the significant decline in prices in the spring is over. Since the summer, house prices have been in line with average monthly payments. ”
House prices in Toronto and other expensive Canadian cities have fallen sharply this year as the Bank of Canada quickly raised interest rates to fight inflation. But with the economy now showing signs of stagnation, the Bank of Canada has hinted that its rate hike may be coming to an end. This could prompt more potential home sellers to delay listings in the hope that the market will rebound-although the slowdown in listings and sales is also in line with Canada’s winter seasonal trend.
It is understood that market traders still expect the Bank of Canada to raise interest rates by 25 basis points in its last interest rate decision of the year on Wednesday, although it has raised interest rates five times in a row, at least 50 basis points each time.