The toll that rising interest rates are taking across Canada’s housing markets became even more apparent this past week as reports from local real estate boards revealed the downturn was deepening from coast to coast.
“In the Toronto and Vancouver areas, the decline in activity is quickly becoming one of the deepest of the past half a century.”Toronto have fallen to the slowest paceMeanwhile, inventories are climbing quickly, up 58% from a year ago, and buyers are now managing to get “meaningful price concessions” from sellers, he said.
Toronto is not a buyer’s market yet, according to the sales to new listings ratio, but RBC expects home hunters in the GTA to continue to find better deals, especially in the 905 areas outside of the core where prices soared during the pandemic.is also experiencing a big chillHome prices have fallen 4.5% since April, or more than $57,000, but RBC thinks the correction here is still in its early stages.
Even in Calgary, this year’s real estate star, there are signs the market is softening. Home sales remain at historically high levels, but have calmed since the buying frenzy seen at the beginning of the year.
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