The volume of resales in the Toronto region fell 8.8 per cent from June to July, after removing seasonal influences
Toronto’s real estate activity slowed further in July after the Bank of Canada’s latest interest-rate hike injected uncertainty back into the housing market.region fell 8.8 per cent from June to July after removing seasonal influences, according to the Toronto Regional Real Estate Board. It was the second straight month of declines and comes after the central bank resumed raising interest rates in June after keeping them steady from February through May.
“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months,” the real estate board’s chief market analyst Jason Mercer said in a news release.More homeowners put their properties up for sale, with new listings rising 7.7 per cent from June to July on a seasonally adjusted basis. The volume was about 4 per cent below the 10-year average.
The home price index, which removes the highest priced homes, was $1,170,400 last month. That was a 1.1-per-cent increase over June and the fifth straight month of price gains.rates are much higher than a year ago, the competition for housing has remained strong. A record number of new permanent residents and newcomers are being admitted to the country as the federal government boosts immigration levels in part to help fill labour vacancies.
One economist suggested Ottawa should lower its immigration targets. “As housing affordability pressures continue to mount across the country, we believe Ottawa should consider revising its immigration targets to allow supply to catch up with demand,” Stéfane Marion, chief economist with
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