Potential real estate buyers in Toronto and the surrounding areas are taking a languid approach to house hunting as summer sojourns take over.
One reason for the hesitancy, he says, is that buyers saw that the average price in the Greater Toronto Area in May had rebounded to a level close to the peak set in February, 2022. He figures some were reluctant to surpass that previous milestone.Mr. Pope points to clients who were becoming frustrated by bidding contests and the rich premiums some were willing to pay. In June, they were able to purchase a house in the west end after an offer date fell through.
In another instance, a young buyer was looking for a property with help from her parents. The father is expecting the Bank of Canada’s most recent interest rate hike to knock a few first-time buyers out of the market so the family has halted their search. Mr. Lalonde and Ms. Omran point to the recent strength in the real estate market, which suggests housing will no longer act as the drag on economic growth it was during a string of interest rate increases.