May 2022 home sales down 39% from last year, prices up almost 10%: Toronto board
The Greater Toronto Area housing market is becoming more balanced as May home sales dropped 39 per cent from a year earlier and prices rose almost 10 per cent, the Toronto Regional Real Estate Board said Friday.
The Ontario board found last month’s home sales totalled 7,283, down from 11,903 in May 2021 and 7,989 this past April.
The board and brokers attributed the drop in sales to higher borrowing costs that materialized because of interest rate hikes and were coupled with inflationary pressures that weighed on spending.
However, they found buyers had more negotiating power last month as the market started to balance out.
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The Greater Toronto Area housing market is becoming more balanced as May home sales dropped 39 per cent from a year earlier and prices rose almost 10 per cent, the Toronto Regional Real Estate Board said Friday.
The Ontario board found last month’s home sales totalled 7,283, down from 11,903 in May 2021 and 7,989 this past April.
The board and brokers attributed the drop in sales to higher borrowing costs that materialized because of interest rate hikes and were coupled with inflationary pressures that weighed on spending.
However, they found buyers had more negotiating power last month as the market started to balance out.
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