Sales of new construction homes plunged last year, while prices barely budged

New homes sales hit a record low in December, as building industry looks for signs of stabilization and an end to rate hikes.

Sales of new construction homes in the GTA plunged as much as 68 per cent last year compared to 2021, but year-over-year prices declined only four per cent on the single-family home side and 3 per cent for condos.

Last year was a tale of two markets with sales and prices starting strong in the first part of the year and trending down in the second half as higher interest rates took hold, said CEO David Wilkes. The Bank of Canada is widely expected to raise its key lending rate another 25 basis points on Wednesday, bringing it to 4.5 per cent. But Wilkes said builders and home buyers will be looking for commentary that suggests that the bank will hold rates for a while after this announcement.“It’s going to be a period of trust that the signal is being followed through with our central bank policy,” said Wilkes.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

TorontoStar /  🏆 60. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New Brunswickers can now get blood test results online - New Brunswick | Globalnews.caNew Brunswickers can now access their blood test results on MyHealthNB, which will 'enable citizens to be more engaged in their health care.'
Read more »

GOLF: Brooke Henderson dominates LPGA season-opener, wins by fourGOLF: Brooke Henderson dominates LPGA season-opener, wins by four Via jonmccarthySUN
Read more »

GOLF: Brooke Henderson dominates LPGA season-opener, wins by fourNew year, new clubs, same Brooke Henderson.
Read more »

GOLF: Brooke Henderson dominates LPGA season-opener, wins by fourNew year, new clubs, same Brooke Henderson.
Read more »

Evolution Mining increases gold and copper production in December quarterA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »

Tesla slashes Canadian prices in bid to boost salesICYMI: Tesla slashes Canadian prices in bid to boost sales — via drivingdotca Tesla AutoNews
Read more »