Toronto housing market

Detached home values grew substantially at the start of 2022, but rising interest rates kept prices at bay in Q2 in Vancouver and Toronto.

Between Q1 and Q2, home values fell by 10% to 15% in parts of the GTA, including Durham, which experienced a 14.6% decline, and York, which saw prices drop by 12.9%. Contrary to the downward trend, though, Vancouver West and Howe Sound both saw median home values rise in Q2, by 2.4% and 8.2%, respectively. As potential buyers face those realities, many will still conclude that the benefits of ownership make better financial sense.” Sales-to-active listings remain squarely in balanced territory overall and even tight in some areas. “In fact, there is relative stability in terms of market conditions, so buyers shouldn’t expect big bargains. The report compared unit sales and prices in 60 districts within the Toronto Regional Real Estate Board (TRREB), 16 in the Real Estate Board of Greater Vancouver (REBGV), and six in the Fraser Valley Real Estate Board (FVREB).

While successive interest rate hikes and broader global uncertainties have cooled the housing market, the demand for properties in some sought-after ...

[Vancouver](https://bc.ctvnews.ca/) [Poverty, pavement, isolation: A closer look at B.C. A race for mayor is shaping up in the Rural Municipality of St. disappearance of ex-girlfriend Elnaz Hajtamiri denied bail](https://barrie.ctvnews.ca/man-charged-in-wasaga-beach-ont-disappearance-of-ex-girlfriend-elnaz-hajtamiri-denied-bail-1.6037125) An iconic photograph of Sir Winston Churchill appears to have been stolen from Ottawa's Chateau Laurier hotel and replaced with a copy. Both women were staying at the Ullivik health centre after travelling south from northern Inuit communities. “Greater selection, particularly in coveted hot pockets, also played a significant role in April and May as the pandemic-fuelled buying spree drew to a close. The vast majority of increases happened in the 416 are code, the report indicated. “In fact, there is relative stability in terms of market conditions, so buyers shouldn’t expect big bargains. Higher household incomes, and greater equity at the top end of the market, the results are not unexpected,” RE/MAX Canada President Christopher Alexander said in an Aug. James Town, and Church-Yonge Corridor) recorded an 18.8 per cent decline in sales. The average price of buying a detached property in this area is $2,127,268. The average price of buying a detached property in this area is $1,551,803.

Owning a house in or around Toronto is no cheap prospect, as home prices in the region soared to all-time highs in 2022. But it looks like homebuye...

But it looks like homebuyers are getting a break from the intense and sustained price appreciation in the GTA as markets cool in the wake of the Bank of Canada hiking interest rates. That would seem bananas expensive just a few years ago, but in 2022, it's a steal. This means less competition and lower prices for these smaller markets, which are now reporting upticks in sales as they draw in price-conscious homebuyers. [Monthly Housing Market Update](https://thoughtleadership.rbc.com/bottom-still-a-ways-away-for-canadas-housing-market/), stating that "formerly overheating markets in Ontario have been the epicentre of the downturn to date." Markets like Clarington offer single-family homes for just over $1 million. [no cheap prospect](https://www.blogto.com/real-estate-toronto/2022/08/toronto-affordability-decline-steepest-40-years/), as home prices in the region [soared to all-time highs in 2022](https://www.blogto.com/real-estate-toronto/2022/01/toronto-housing-market-all-time-high-price-record/).

Cooling home prices in most parts of the Greater Toronto and Vancouver areas saw some buyers flock to those cities' detached housing markets, Re/Max said in ...

Some 40 per cent of Greater Toronto Area markets saw an uptick in sales of detached homes in the second quarter compared with the first, Re/Max said. She points to the strong buying power in that segment for keeping homes well within reach even as borrowing rates rise. At first glance, Toronto real estate agent Pritesh Parekh with Century 21 says the Re/Max report reflects what he’s been seeing in the city. He says that Re/Max’s claim that “sought-after” areas of the city are staying “hot” is a bit of an overstatement, as there’s no question Toronto real estate has cooled from the peaks of the pandemic housing market seen in February. Re/Max found that home values dropped 10 to 15 per cent in the second quarter of the year compared with the first in parts of the Greater Toronto area, with Durham, Peel, Dufferin, York and Halton all experiencing double-digit drops. [housing markets](https://globalnews.ca/tag/housing-market) reacted as the [Bank of Canada](https://globalnews.ca/tag/bank-of-canada) rapidly hiked [interest rates](https://globalnews.ca/tag/interest-rate), starting in March of this year.

RE/MAX found an increase in second-quarter home sales across 40% of GTA neighbourhoods and 31% of the Greater Vancouver region. Read on.

“Inventory remains a puzzle that policy can’t solve in the foreseeable short or long term,” Alexander said. The decline in listings comes at a time when builders are pulling up stakes and shelving proposed developments due to softer demand. In Vancouver, the discounts are not as pronounced. In the City of Toronto, the benchmark price of a detached home was $2,073,989 in February. Re/Max found an increase in second-quarter home sales across 40 per cent of Greater Toronto Area neighbourhoods and 31 per cent of the Greater Vancouver region, compared to Q1. Article content