Toronto home sales have plummeted by nearly 50 per cent in just the last year Toronto TorontoRealEstate RealEstate
The “marked” decline follows the trend that has played out across the region since the Bank of Canada beganin the spring. The BoC has hiked rates six times since March in an attempt to rein in inflation, with a seventh increase expected on December 7.
"The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth," Crigger said. At 8,880, new listings in the GTA were down by a"substantial" 11.4 per cent year-over-year in November, and sat at a"very low" level historically. With supply staying low, average selling prices have hovered around the $1,080,000 mark since August.
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