Real estate for sale Toronto is now firmly in buyer’s market terrain.
According to CREA reports, home sales sagged 25 per cent below the peaks they reached at the end of 2009, and last year’s sellers’ market is now firmly in buyer’s market terrain. Motivated buyers raced to cash-on on record-low interest rates and first-time buying incentives in buy real estate Toronto.
Bank of Toronto deputy chief economist Douglas Porter says that current sales and pricing trends from late 2009 and early 2010 “are now in rapid reverse,” and recent interest-rate increases have had their chilling effect, particularly among first-time buyers. He added that there are reasons to believe the house sale Toronto market could soon regain its balance (since) long-term mortgage rates have dropped, employment remains on a roll, and prices have stabilized.
Home sale Toronto and Calgary led June’s decline in sales. Across the nation, new sales contracts fell 70% in June. The number of newly listed homes on CREA’s Multiple Listing Service declined 6.8 per cent last month from May — a trend the association says will help maintain balance between supply and demand. On a seasonally adjusted basis, it would take 6.9 months to sell June’s entire home inventory.
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