In July, home prices in the Greater Toronto Area (GTA) fell nearly 5% from June due to an increase in new listings and fewer buyers, combined with the typically slow summer market.
Bank of Canada lowers key interest rate to 4.5%, delivering back-to-back cuts
Condo sales in June fell 29 per cent year-over-year according to the Toronto Regional Real Estate Board (TRREB).
It comes at a time when the Bank of Canada’s key rate drop has led to confusion for homeowners over mortgage rates.
The recent 0.25 percentage point rate cut by the Bank of Canada had little effect on the Toronto housing market. Experts now look to further rate cuts, improved economic stability, and government incentives to revive buyer interest.
Canada's home prices fell in May. Insiders watch for changes following a Bank of Canada rate cut, suggesting now might be an ideal time to invest in preconstruction projects.
Toronto's real estate market is evolving with new high-rise developments and initiatives aimed at increasing affordable housing, shaping a dynamic and inclusive urban future.
The Bank of Canada’s recent rate cut could spark a housing market rebound in Toronto, where May home sales fell 21.7% year-over-year.
Canada's residential mortgage debt hit $2.16 trillion in February 2024, with the slowest growth in 23 years at 3.4%, due to high mortgage costs and interest rate uncertainty.
Ontario's new legislation, the Homeowner Protection Act, 2024, enhances protections against fraud, introduces a 10-day cooling-off period for new homebuyers, and boosts condo community safeguards.
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