October 2022 Market Update
Home prices in the GTA have found support in recent months because price declines in the spring and summer mitigated the impact of higher borrowing costs on average monthly mortgage payments. The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward,
which would help affordability,” said TRREB Chief Market Analyst Jason Mercer
Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer.
Sales for the month reached
4,961, down by 49.1 percent compared to October 2021.
New listings were also down on a year-over-year basis by 11.6 percent.
#fhkexperience #marketupdate #octoberhousingmarket #torontorealestate #miltonrealestate