Toronto region home prices flatline in October
Despite
dampened demand from buyers, home prices have seemingly plateaued in recent
months, offering at least a hint of possible stability in a market that has
been shaken by rising interest rates and fears of a recession.
The
average price for all types of homes across the region in October was 1.089
million, down 5.7 per cent compared to last year.
The jump
in borrowing costs has made it difficult for borrowers to qualify for a large
enough mortgage to purchase a property in the Toronto region. That has reduced
the number of would-be buyers and slashed competition – and therefore prices –
for homes.
At the
same time, homeowners have postponed planned home sales or have made the
decision not to sell in the current environment.
All of
this is having an impact on the rental market, where costs continue to soar. The average price of a one-bedroom condo
is now a whopping 2500 per month.