in September. Sales were down 12 per cent from August and 7.1 per cent year over year, according to Toronto Regional Real Estate Board data. There were also 16,258 new listings, a 32 per cent increase from August and 44.1 per cent higher than a year ago.Vancouver had a similar jump in inventory last month, with 5,446 new listings, a 28.4 per cent increase from September 2022, according to Real Estate Board of Greater Vancouver data. September sales totalled 1,926, which is a 13.
Prices are up in both Vancouver and Toronto from the same time last year, but weak sales combined with high inventory are starting to put downward pressure on prices. “Interest rates are going to be the main factor driving the trends in house prices” in the next 12 months, John Pasalis, president of Realosophy Realty Inc. Brokerage in Toronto, said in the same interview.
Saretsky agreed: “In the near term, a 6.5 per cent mortgage rate is going to trump what’s happening on the immigration side. Structurally, I still think we’re going to be talking about housing affordability or lack thereof over the next five to 10 years.“The huge move in interest rates is going to slow new construction and, I think, ultimately, it’s going to hit housing demand and developers are going to pull back,” he said.
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