Sales of new homes fell 76 per cent annually in February, according to new building industry data. High borrowing costs are to blame.
The sale of new homes in the GTA was down significantly year-over-year in February, according to new numbers reported Thursday from the Building Industry and Land Development Association , as high interest rates to continue to flatline the market.
“We have seen a pause in the marketplace,” said Dave Wilkes, BILD president and CEO. Eight consecutive interest rate increases by the Bank of Canada after historic lows during the height of the pandemic, have had an impact on housing, he said. There were 922 new home sales last month, down 76 per cent from the same time last year at the peak of the real estate market, and 69 per cent below the 10-year average.
One particular area of concern is in pre-construction condos, which many people bought under the assumption that interest rates would stay low for a while.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. home sales surge in February; house prices post year-on-year dropThe jump in sales of previously owned homes was the largest in more than 2½ years and ended 12 straight monthly declines in sales
Read more »
Federal government study could delay Greenbelt development + GTA forced sales increasedFord’s plans to build housing on the Greenbelt, forced sales in the GTA and the Liberal-NDP governing agreement.
Read more »
WOLSTAT: From Naismith to Nembhard, the growth of Canadian basketball was on full display against RaptorsLike in hockey, players from GTA now torment the home side in Toronto
Read more »
Canadian home sales expected to pick up in spring but inventory still lags - BNN BloombergMany first-time buyers are finding it harder to qualify for mortgages, but still want to make a purchase, so they are compensating by adjusting their expectations.
Read more »
Canadian home sales expected to pick up in spring but inventory still lagsEconomists and brokers predict activity to return to Canada\u0027s housing market this spring.
Read more »
Canadian home sales expected to pick up in the spring, but inventory still lagsThe housing market has been sluggish since last year, when prospective buyers started putting off plans to purchase as the Bank of Canada aggressively hiked interest rates eight consecutive times
Read more »