The report, which was released last week, shows that home sales in Toronto were down 8.7 per cent in July compared to the previous month even as listings inched up by 7.8 per cent.
“The spring tightening in demand-supply conditions is unwinding rapidly in BC and Ontario. Softer sales and increasing new listings returned most markets in these provinces to balance, with Toronto the closest it’s been to a buyer’s market since January,” the report states. “We expect higher interest rates to keep curbing buyers’ enthusiasm for months to come, while possibly forcing the hand of some current owners to sell.
Going forward, the bank anticipates that conditions in the real estate market will be “bumpy” but it is not calling for outright price declines at this time.
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Toronto is now the closest its been to a 'buyer's market' since January: RBCThe tightening of market conditions that unfolded in the spring is “unwinding rapidly” and Toronto is now the closest it has been to a so-called buyer’s market since last winter, a new report from RBC suggests.
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