Bank of Canada rate increases cool real-estate prices: report

The 2022 RE/MAX Hot Pocket Communities Report compared market activity in the first and second quarter of 2022 for unit sales and prices, and analyzing 60 Toronto Regional Real Estate Board areas.Durham, Peel, York, Halton and Dufferin lost some of the gains realized in recent years.

“Buyer sentiment changed virtually overnight as growing geopolitical concerns and spiraling inflation destabilized global markets, leaving the Bank of Canada little option but to raise interest rates,” says Christopher Alexander, President, RE/MAX Canada. “Those fast and furious incremental increases placed downward pressure on housing sales and prices, improving affordability on one hand, but eroding it on the other.”Article contentLevels in Durham were down 14.6%, down 12.9% in York, down 12% in Dufferin and down 11. 2% in Peel.

Just 15% of GTA markets had an uptick in average price in the second quarter of the compared to the heated first quarter. Those markets are in the central core, including Dufferin Grove, Little Portugal, Trinity-Bellwoods, Palmerston-Little Italy and Kensington-Chinatown.tap here to see other videos from our team“Given that the core has traditionally been more resilient, bolstered by strong demand, a finite supply of homes available for sale, higher household incomes, and greater equity at the top end of the market, the results are not unexpected,” says Alexander.

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