Price of housing in Toronto began to decline
2022.12.06 05:22
Price of housing in Toronto began to decline
Budrigannews.com – According to Tuesday’s data from the Toronto Regional Real Estate Board (TRREB), home prices in the Greater Toronto Area (GTA) decreased in November as the city’s once-hot housing market was impacted by rapidly rising interest rates.
In November, the average price of a home in the Greater Toronto Area fell to C$1.08 million, or $794,526, a decrease of 1% from October and 7.2% from a year earlier. Prices were about 19% lower than the peak in February.
Listings were down 11.6% and sales were nearly half what they were a year ago.
According to a statement released by TRREB President Kevin Crigger, “increased borrowing costs represent a short-term shock to the housing market.”
Since March, the Bank of Canada has increased its benchmark interest rate by 350 basis points to 3.75 percent, which is the highest it has been since 2008.
When the central bank meets on Wednesday to set policy, the money markets anticipate at least another quarter percentage point of tightening.
