Biggest Fall In GTA Real Estate Market In Years

The potential homebuyers in GTA have seen clear signs of cooling down of the housing market. The region’s real estate board has reported the sales of houses have gone down by 41 per cent when compared to last year and 27 per cent when compared to previous month sales.

The Toronto Regional Real Estate Board reports that April sales of the region this were only 8,008. The figures of last year in April were 13,613. The reported sales this year in the month of March were 10,939.

“It certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation,” TRREB President Kevin Crigger said in a release.

The board stated the main reason behind this falling numbers as potential homebuyers stepping back from their decision amid high-rising interest rates and expensive mortgage plans. The potential buyers are rethinking about their buying abilities and strategies to afford houses in Canada.

The decrease is most witnessed in the Greater Toronto Area and other neighborhoods surrounding Toronto which is known as the 905. The areas include major GTA cities namely Brampton, Mississauga, and Markham. TRREB have noted the greatest decline in the 905 in years and it has been specifically noted in the category of detached houses.

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Harwinder kaur