On June 1st the Bank of Canada raised its overnight benchmark rate to 1.50%. This latest 50 basis point increase follows the same increase in April, making it the most aggressive central bank rate increase in Canada in over 20 years.
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KNOWLEDGE CAFÉ
Month: <span>June 2022</span>
All your real estate information in one place. Learn from a REALTOR® how to navigate the real estate market and become a knowledgeable consumer. I post interesting topics on this page regularly. Feel free to contact me if you have any questions, or if you want to know more about any of the topics. The information contained on this page is intended solely to provide general guidance on matters of interest for personal use. All content is provided ‘as is’, without warranty of any kind and should not be used as a substitute for consultation with a qualified professional.
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Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.
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