Toronto still a seller's market despite the impact of high borrowing costs: Broker - BNN Bloomberg

📆 7/7/2566 4:31:00
📰 BNNBloomberg

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As Toronto home sales slowed in June from the previous month, one mortgage broker said the current market cooling goes beyond seasonality trends, due partly to higher borrowing costs.

. Despite the average year-over-year price increase, selling prices were lower in June relative to May’s average of $1,195,929.

However, according to Pasalis the current market dynamic goes beyond seasonality trends and he expects the market to be “more sluggish” come the fall. “We went from a market that was like ‘fear of missing out’ and a lot of anxiety and a lot of buyers now are hitting pause because they’re seeing the market cooling down.” increased its policy rate by 25 basis points to 4.75 per cent after leaving rates unchanged in April and March.

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