The aggregate home price in the Greater Toronto Area decreased by nearly six per cent from the second to third quarter this year and is expected to drop once again in the coming months.
released today by Royal LePage showed GTA housing prices up 2.1 per cent year-over-year to $1.09 million in the third quarter of 2022. However, that number is expected to drop to $1.08 million in the final quarter of this year, marking the third consecutive quarter of price declines.that prices in the GTA would be up approximately three per cent by the fourth quarter of this year.
Experts say the market is in the midst of an historic correction following skyrocketing home prices at the height of the pandemic, due in part to low interest rates and increased disposable income for many Canadians. The Union Bank of Switzerland released their ‘Global Real Estate Bubble Index 2022’ on Wednesday. The annual report measures which cities have the greatest housing bubble risk.“In such overheated markets, with already very stretched housing affordability, the recent rate hikes by the Bank of Canada could be the last straw that broke the camel’s back,” the report said.
Karen Yolevski, chief operating officer of Royal LePage, said in a press release that sidelined demand as a result of the ongoing housing correction has had a spillover effect and is now further exacerbating the issue of rising rents across Toronto.for the time being, which has caused a surge in rental demand and sent rental prices skyrocketing over the last several months,” she said.
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