2 bedroom condo ajax . The Toronto housing market affects the whole country. The volume of housing transactions in Canada fell sharply in June. National home sales in Canada fell 6.7% in June, the biggest monthly decline since June 2010.
Sales have fallen 14.1 per cent in the past three months, but home prices have continued to rise steadily by 15.8 per cent compared with the same period last year, led by the Greater Toronto and Greater Vancouver areas, according to (CREA), the Canadian real estate association.
Home sales fell in June in Canada, where 70% of the market includes Golden Horseshoe, Ontario, most areas and Kingston, the lowland plains of British Columbia and Quebec City in Quebec. However, home sales in Calgary and Emmington in Asia, London in Ontario and adjacent St. Thomas and Ottawa, as well as in Mandike, Quebec and Halifax in Newfoundland, increased compared with the same period last year.
Peck (Andrew Peck), president of the association, said that the improvement in the Canadian economy and employment has led to an increase in housing demand, but the rise in interest rates has also dealt a blow to buyers’ confidence, especially in Toronto and Vancouver, where housing prices are high, which has deterred many buyers due to the impact of housing policies. In other markets with lower housing prices, the impact of interest rate hikes on affordability is relatively small.
Clemp (Gregory Klump), chief economist of the association, said the housing policy introduced by Ontario at the end of April undoubtedly made many buyers in the Golden Horseshoe area take a wait-and-see attitude, waiting for the market to digest the new changes. The increase in interest rates announced by the Central Bank last week has even slowed down the pace of home ownership and made some buyers who have obtained pre-approved loans (Pre-Approved Mortgage) have to reconsider their ability to make contributions. In addition, some small houses will be exchanged for large houses in the near future, but owners who have not released their original homes will reduce the price and ask for sale in order to alleviate the pressure on housing loans.
Affected by the decline in trading in most parts of Ontario and the Golden Horseshoe area, the number of new (MLS) shares across the country fell 1.5 per cent after highs in April and May. The ratio of sales to new orders has returned to the equilibrium level of 52.8% from nearly 70%. According to industry standards, the ratio of sales to new orders between 40 and 60% is a balanced market, higher than 60% is a seller’s market, and less than 40% is a buyer’s market.
The ratio of sales to new listings in British Columbia and parts of Ontario is more than 60 per cent, but the Golden Horseshoe region is mostly balanced, while the ratio in most regions and the city of Bali is less than 40 per cent.
