Gas prices across Ontario and Quebec are set to rise to their highest level in almost two years on Thursday, a petroleum analyst tells Global News.
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Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement.
Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022.
It has been almost a year since the Bank of Canada started raising interest rates. Many homebuyers have also decided to purchase a lower priced home to help offset higher borrowing costs.
#torontorealestate
The number of Jan sales and the overall average selling price were similar to Dec 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year #torontorealestate
The number of homes listed for sale in 2022 was down in comparison to 2021. Lack of supply has also impacted the rental market. As renting has become more popular in this higher interest rate environment
#realestate#market#toronto#December#the6ix#potd#Torontolife#GTA#yyz
Less expensive home types, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.
Give me a call/text/email & I can definitely help you find the one ❤️
#realestate#market#toronto#July#the6ix