Festival condos address.Both volume and price of Canadian property market fell! House prices in the metropolitan area fell 3% from may to C $1.14 million (about US $875000) in June. This is the fourth month in a row that house prices in the Toronto area have fallen, falling by more than 11% since February.Please Visit: Festival condos address to Get Your VVIP Registration Today!
Fewer than 6500 homes were sold in the Toronto area in June, down nearly 5 per cent from May and 41 per cent from a year earlier. The number of homes for sale has soared, surging 43% year-on-year to more than 16000 units, with an average stay on the market of seven days.
As is the case in many parts of Canada, house prices in Toronto and surrounding areas exploded during the outbreak as record low interest rates allowed buyers to expand their budgets and buy more expensive homes. But that trend suddenly changed in March, when the Bank of Canada began to raise interest rates in an effort to control inflation. Since March, Bank of Canada Governor Tiff Macklem has raised the benchmark interest rate from 0.25% to 1.5%, and the market expects the central bank to raise interest rates to 2.25% next week.
Kevin Crigger, chairman of the Toronto Real Estate Board, said: home sales have been affected by the affordability challenge and psychological effects of rising mortgage interest rates, that is, buyers who can afford higher borrowing costs have suspended their decisions to see where prices will eventually go. It is expected that the current real estate environment will remain unchanged in the summer.
Jason Mercer, chief market analyst at TRREB, said the number of homes for sale will be an important observation indicator in the coming months. Unemployment is low and most homeowners are in no hurry to sell. “if prospective sellers decide to adopt a wait-and-see attitude in the coming months, then the number of active homes for sale may also show a downward trend, which may lead to some tightening of market conditions to provide some support for house prices,” Mercer explained.
Benchmark prices in Vancouver, long Canada’s most expensive housing market, fell 2% in June, according to a separate report on Tuesday. House prices across Canada fell slightly in April and May.