"A household earning the average income in the GTA is still finding it challenging to afford the monthly mortgage payment associated with the purchase of an average priced home,"
"This is even with lower borrowing costs and selling prices over the past year."
"Compared to last year, we have seen a modest increase in home sales over the summer,"
"With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs. Greater affordability would not only support more home sales but also generate significant economic spinoff benefits,"
Average sale price in the Greater Toronto Area fell 5.2 per cent year-over-year to $1.02 million in August, with the composite benchmark price down the same amount. Home sales were up 2.3 per cent from a year earlier and down 1.8 per cent on a seasonally adjusted basis from July, with 5,211 properties changing hands. New listings rose 9.4 per cent year-over-year to 14,038 and active listings increased 22.4 per cent to 27,495 homes on the market. A household earning the average income in the GTA still finds it challenging to afford the monthly mortgage payment associated with an average-priced home, even with lower borrowing costs and selling prices over the past year. The Bank of Canada left its policy rate unchanged at 2.75 per cent for the third consecutive decision and indicated future cuts may be warranted as U.S. tariffs persist. A slowdown in Ontario home construction is beginning to trigger job losses in the trades. In the City of Toronto there were 1,779 sales last month.
Read at www.cbc.ca
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