Putting Your Move On Hold? Don't Do It!
Monday Jun 13th, 2022
If you are THINKING of putting your moving plans on hold - DON'T DO IT!
Home sales are slowing down in response to higher borrowing costs.
As the Bank of Canada increases interest rates, home buyers are becoming hesitant as prices continue to trend downwards in the short-term.
This is coupled with a sharp decrease of 38.8% in home sales year-over-year at 7,283 according to the Toronto Regional Real Estate Board.
While home sales fall, active and new listings are rising, creating an environment where demand cannot keep up with supply.
On the other hand, a year-to-year basis still reported an overall average selling price increase of a modest 9.4% to $1,212,806 for May 2022.
"There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer," said TRREB President Kevin Crigger.