Overall, in Toronto and GTA sales were down 47% from same time last year. Market had the lowest sales volume in 20 years for the fourth consecutive month.
What is causing this?
Many buyers are sitting on the sideline as Bank of Canada is continuing on raising interest rate. This upward trend on interest rate is not an ideal environment for buyers as their budget and monthly carrying cost is changing rapidly. I expect once Bank of Canada stabilize their interest rate hike and reach neutral rate, buyers will have to re-baseline their budget and start searching for properties at that […] Read more