Canada House Hunting: An Italianate Victorian Gem Outside Toronto

In recent months, however, the housing market has begun to slow in response to rising interest rates. Since March, the Bank of Canada ha...


In recent months, however, the housing market has begun to slow in response to rising interest rates. Since March, the Bank of Canada has raised its key rate by 175 basis points — the equivalent of 1.75% — in an effort to contain inflation. “You see some households taking a bit of a step back because they have to reposition themselves in the market,” Mercer said. “They may need to find a cheaper house, a different location, or time to save more on a down payment.”

Mr Powell added: “We are on a break – things have changed a lot over the last month.”

The real estate board reported 7,283 sales in the Greater Toronto Area in May, down 39% from May 2021 and 9% from the previous month. The overall average selling price for all property types was C$1.21 million ($962,000), down about 7% from the previous two months.

Both trends suggest a more balanced market, which should allow “a bit more bargaining power for people still active in the market,” Mercer said.

Toronto’s major central neighborhoods, including Rosedale, Lawrence Park and Forest Hill, remain highly competitive as they suffer from a chronic shortage of available housing, said Cailey Heaps, President and CEO of the Heaps Estrin team. According to the Real Estate Board, a detached house in the city currently averages just under C$2 million ($1.59 million), while a condo averages around C800,000 ($635,000). .

Additionally, the luxury market in general continues to perform “exceptionally well”, Ms. Heaps said. “Buyers understand the scarcity of the product they are looking for.”

In Port Hope, the average selling price for the 38 homes sold in April and May was 909,000 Canadian ($723,000), up 28% from a year ago, according to Zolo, a classifieds site. real estate.

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Newsrust - US Top News: Canada House Hunting: An Italianate Victorian Gem Outside Toronto
Canada House Hunting: An Italianate Victorian Gem Outside Toronto
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