JUNE 2022 MARKET UPDATE
Higher borrowing costs continued to impact home sales in June 2022.
Sales totaled 6,474 – by 41 percent compared to last year’s strong result.
The number of transactions was also compared to May 2022, but this is often the case due to the seasonal nature of the market.
“Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up. Expect current market conditions to remain in place during the slower summer months. Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs,” said TRREB President Kevin Crigger.
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