prompted by rising interest rates is being felt more acutely in the suburbs of Toronto, where sales and selling prices are trending downward into the summer at a fast pace.
Prices in Toronto went up 14.3 per cent year over year, while prices in the rest of the GTA went up 15.4 per cent. Condos appreciated faster in price in the suburbs compared to downtown units. According to the TRREB, the average selling price of a home in the GTA fell 6.4 per cent between March and April, and one per cent between February and March, after almost a year of only upward movement.
It’s also possible that there’s renewed interest in living downtown, he said. After all, with gas prices skyrocketing and employers beckoning employees back to the office, the benefits of a bigger house in the ’burbs might be outweighed by an increasingly expensive commute.
This is misleading. Sharp decline in sales is because there's no inventory to sell. Demand fluctuates but will return, and along with it, rising prices. Not enough being done about lack of supply.
I wonder...how long before the stories of 'help me! I can't pay for my house anymore!' hit the airwaves?
Who would want to live in a downtown overpriced condo with slow elevators.climbing maintenance fees..that will depreciate rapidly in years ?
Going from an average of 960k to 907k isn't much of a celebration. People are still getting their high bids. Just not as fast and not as many.
Anyone who really benefit from all of this are the ones who bought homes in for example 5+ years ago. You buying a home now is like buying the top of a stock and hoping it'll just keep going. Risky.
Yes. Crash…
I’m happy about that.
Frogs in boiling water. Historic affordability is 2-3X single earner annual income. We have a long way to go before prices are fair and reasonable.
Considering most trades are striking, I see the values going higher. With no supply and there is very little, It is hard to see how the values are dropping. In my area they are still increasing.
Good. I'm sick and tired of all the city folk coming to my piece of paradise and trying to change how things are done here. Bring on 50-60% drops, I could care less.
My advice flee, find a small town that could supply itself with food and one that has fresh water.
Theyre moving to London and increasing prices here 😭😭
Good. A house is not, and has never been, an investment. This is just a lie propagated by those who actually profit from housing. A house for most people is a liability.
This is exactly how it works, it's not a surprise. Prices rise from the financial centre out to the suburbs and they fall from the suburbs inward to the financial centre. First to rise last to fall, last to rise first to fall.
People are moving out of town in droves.
John Pasalis, president of real estate brokerage Realosophy, said though prices may be up year over year, they’re slowing down month over month — and one only has to look at the last few months to get a better idea of what’s to come.
I thought there was no supply, how could price and sales fall. Maybe something else was fuelling all the speculation... hmmm
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Source: TorontoStar - 🏆 60. / 55 Read more »