The average price of all home types sold in the Greater Toronto Area fell 7.2% to $1,079,395 from $1,162,564 last year. Find out more
on Tuesday, GTA homes sales slipped by 49 per cent over last November to 4,544 units while month-over-month sales declined as well.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
“Increased borrowing costs represent a short-term shock to the housing market,” TRREB president Kevin Crigger said in the report. “Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe in the coming years, and all of these people will require a place to live, with the majority looking to buy.
Market activity has fallen dramatically since the Bank of Canada began raising interest rates in March. However, TRREB believes that immigration will force the hands of those who have chosen to stay on the sidelines. In an interview, TRREB’s chief market analyst Jason Mercer said that immigrant households tend to focus on becoming homeowners. As a result, he sees long-term demand as Canada opens its borders to a record number of immigrants in the coming years.
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