Toronto Home Sales Slow Again in August
As interest rates continued to
increase in May, after a pause in the winter and early spring, it made it
harder for prospective buyers to qualify for a mortgage and reduced the amount
they could borrow.
Earlier today, the Bank of Canada announced that it would hold the line on interest rates after a slowing economy was reported last week but it did not rule out further increases.
Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area. Record immigration levels alone will assure this.