As the Summer Market Ends, Interest Rates are on Hold Once Again
In August, home values in the Greater Toronto Area were essentially flat as compared to last year, with an average sales price of $1,082,496, pointing to the remarkable resilience in Toronto’s housing market. However, average prices have declined since interest rates started to rise again this past June. With the Bank of Canada’s announcement on September 6th to not raise interest rates and the typically slow summer sales period coming to an end, the stage is set for increased buyer competition and upwards pressure...