After fuelling Canada's economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate.
When pandemic lockdowns began in March 2020, the Toronto Regional Real Estate Board said the average home price in the area -- one of Canada's hottest -- sat at $902,680. Last month, it was $1,074,754, a one per cent hike from July 2021, but a six per cent drop from June 2022. "That said, we still believe home prices will end 2023 above pre-pandemic levels nationally and in all 10 provinces."
Much of the shift is attributable to mortgage rates, which mirror fluctuations in interests rates and can eat into buying power.
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