Toronto home sales continue to plummet
TRREB said there had been an uptick in yearly price growth of less expensive home types such as condo apartments as buyers continue to react to the shifting landscape and rising-rate environment.
New listings posted a small yearly decline, by 4% over the same time last year, with the real estate board indicating its expectation that that trend could continue throughout the second half of the year and the beginning of 2023.
The organization’s chief market analyst Jason Mercer highlighted the importance of continuing to focus on housing inventory in the current climate, noting that a tight labour market was likely to result in the GTA population’s continued growth.
“Despite more balanced market conditions resulting from rapidly increased mortgage rates, policymakers must continue to take action to boost housing supply to account for long-term population growth,” Mercer said in remarks accompanying the release of the new figures.