Greater Toronto Area home sales down 16% in June despite Bank of Canada's rate cut
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- เผยแพร่เมื่อ 3 ก.ค. 2024
- The Toronto Regional Real Estate Board says home sales in June declined 16.4 per cent from last year, with many potential buyers staying on the sidelines despite the highly anticipated Bank of Canada interest rate cut.
The board says 6,213 homes changed hands in the month compared with 7,429 in June of last year.
The average selling price in the Greater Toronto Area was down 1.6 per cent year-over-year to $1,162,167.
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Oh! those millions dollars house flippers must not happy about it😮
not enough they are 100% bloated prices still 😢
Rate cuts? Isn't a house in TO $1.2 Million? That might be more of the problem because people can go to the US or elsewhere and pay 4x less the price for a house
Actually $1.2 is the average, so that includes all the dumps as well. Try $2 million for a decent house and an externally ugly one at that.
It’s unfair to compare Toronto properties to places like Texas . You’re better off comparing similar major urban centers like Toronto to New York where the affordability is actually worse in the US
1.2m for 600 ft condo
Exactly. Also what if they lose their jobs? The economy in Canada is pretty shitty now as well. Might as well stash some cash and get ready to run.
No, you can't unless you live in middlenof nowhere with zero demand. I worked in NY. A 500 sqft apartment costed 2 Mil USD, that is 2.
6 Mil CAD. There are loads of cheap houses in Regina, if that interests you.
Fixed rate is based on bonds market not BOC rate. Also price is still too high. Better places to be for the money.
How many families without parental help can afford a modest home in Toronto or Vancouver? Investors are exploiting the situation. Something drastic has to be done. Heavy speculation tax on affordable homes. Tax away the profit and remove the incentives for investors.
You can only fish and hunt so many places. For example if you go deep sea fishing you might held to 5 tuna at max. Or if you are hunting, short season or maybe your quota is one deer and no more. So what is the difference. Why should people in other countries be able to buy up absurd amounts of real estate in a country they were not born in, buy it in your own freaking country. Or here is an idea, FREAKING EXPAND out. You have the second biggest country in the world in land area and we have shoe boxes for condo's for a million, what a joke.
@@Acccountable Canada has too many lazy construction workers, making building cost of anything way too high. 6 years, 10 years for 6, 10 kilometers of subway. Other countries built them for much less time. Therefore, Canada is not in a position for rapid expansion. In Toronto, the biggest city, we still see diesel trains while many countries in Southeast Asia are running high speed electric trains. Why? Our transportation infrastructure is falling behind. How many people care?
@@WaytoGo723 Keep voting for the oil loving con govts who have stopped every high speed rail project in Canada. Cons work for the oil companies
It was like a 0.5% rate cut I think..
It was 25 basis points. Hardly enough to have meaningful impact.
0.25% and that's not the issue.
I am not waiting for rate cuts, I think the first one was too early and I would rather see rates go higher. I am waiting for home prices to drop because they are insane relative to incomes. Making money too cheap to borrow is part of how we landed here, let's not keep making the same mistake please.
maybe you'll be waiting a long time. the bubble isn't going to burst. people said that 15 years ago.
How many times did he say “you know”?
I think 10x
Condo market down 89.9% no one can afford 403 sq feet condo no balcony like jail house for $1.2 million in downtown Toronto.
The average asking price in Toronto for a 1 bedroom condo is more like $625-$650K, which is still too high.
@@fantasyguru26 4 bdr townhouese are selling for 685K in my east end Toronto hood
housing market in Canada is a train wreck...these prices not sustainable in our small market
The Ontario government has promised to facilitate the construction of an additional 1.5 million homes by 2031. Using some rough calculations, this works out to more than 6,000 new homes a day, or 4 houses a minute- which is ambitious, if not realistic. It remains to be seen if government assistance to home builders will result in reduced housing costs. For now: (1) artificial restrictions on the price of residential rentals is dampening new investment by prospective landlords. (2) inflationary costs of building materials, labour and equipment rentals make home building endeavours less profitable and more risky, and (3) the growing backlog of landlord-tenant rental price increase dispute cases in the Ontario Tenant Board isn't helping the situation.
It is impossible to build that many due to shortage of construction workers and increased materials cost.
The Ontario government lied to you
Even though their is rate cuts the increase in the capitol gains tax offsets the home sales.
Have u seen the prices n some are not even renovated
You would not believe what I am going tell you that house price will hit bottom when interest rate hit bottom.
High interest rate+ fewer investors = fewer condos will get built = supply down= demand explodes when interest rate cut= skyrocketing condo prices
BoC rates over 3% means tightening. Nobody wants a mortgage when we're doing QT
Prices need to come down not the rate
Even the interest Prime go down 4% greedy home owner and investors around the world jack up the prices more then 30 to 40%. so at the end 86.8% young Canadians born in Canada never ever going to afford a home in Canada
Greedy homeowners? bahah someones jealous bahahah
$1 million for a 400 sq ft condo. I hope the price keeps going up
What did you think was going to happen
The prices haven't adjusted to the reality of higher mortgage rates. Until that happens you'll continue to see these double digit drops in sales.
Freeland was bragging about 0.25 interest rate cut in the HOC in June if you have mortgage for $2 hundred thousands you will save $11.33 a month $135.96 a year.
She has a right to brag. Canada was the first country in the G2o t o lower rates, thats how good our economy is under our great liberal govts. Cry more freedummie
It is high time for the Canadian government to hike development fees on housing again. If it costs $2MM to build an avg home in Canada, Canadians have no option but to find the money and pay for a piece of roof
interest must be negative for people to afford 1.5 mln house 😂😂😂 population growth ? i do not see any pregnant women around … so how ?
I wouldn’t sink anymore money into Canada, it’s time to leave… especially Toronto! The federal government is going to change, but the local government is going to suck the most taxes out of you and impact your life the most. Toronto is not a good place to park millions of dollars!
No F kidding pmo presstititutes
Oh Canada, the money laundering capital of the world 😂😂😂😂
Good things are never cheap
How a woman from Ukraine name Freeland become Canada Finance Minister its beyond my imagination.
She's from Peace River, Alberta. Her father's Canadian, her mother's Ukrainian. Use your imagination.
Irrelevant. However, what is relevant is that she has no financial background. She was a journalist prior to becoming a politician.
bahahahh freedummies sure arent bri*ht lol
and they will build more that WE CANT AFFORD !!! indians and chinese will tough !