'A sharp rebalancing of demand-supply conditions:' RBC says GTA housing market lost steam in June

📆 10/07/2023 01:59 p. m.
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There was a “sharp rebalancing of demand-supply conditions” in Toronto’s real estate market last month as the Bank of Canada’s recent decision to resume its rate hiking cycle pushed some buyers to the sidelines, a new report from RBC suggests.

, released last week, notes that home sales fell 6.9 per cent in Toronto in June after soaring by 32 per cent in April and May when the Bank of Canada was keeping its key overnight lending rate on hold.

RBC said in the report that it believes the surge in Toronto home values which pushed benchmark prices up 8.9 per cent since the market reached a “cyclical bottom” in February can’t continue. The bank does concede that “the growing supply hasn’t done much to ease upward price pressure” so far.

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