Looking Back To May

The record breaking sale prices seen in February of this year continued to slide throughout most of the GTA in May. The impact from the increase in interest rates has certainly been felt across the GTA as overall sales were down 38.8% and while the average price of all home types was still up 9.1%  from this time last year to $1.212,806 that average price was down from $1.334,544M in February of this year. A chart taken from the Toronto Regional Real Estate Board shows some of the price changes by region for all home types from February to May.

 


Why Has It Changed So Quickly? 

Showing serious concern for increasing inflation, As of June 1st the bank of Canada announced another 50 basis point rate increase. In…

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