News Formal

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

  • 📰 CP24
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 67%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nine Canadian stocks among RBC’s top picks in global miningDaily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
Source: globeandmail - 🏆 5. / 92 Read more »