GTA housing market starting to see some Stabilization

Home sales for the month of July dropped by 47% compared to last year, signs are pointing to a stabilization in the housing market.

Connect with CP24:
---
CP24 is Toronto's #1 source for breaking news.

[td]

Homes and condos are still expensive as hell, so the word “stabilization” is meaningless.

[BONZITORONTO]

Stabilization is an overstatement. A decline over the next 5 years is the best possible outcome.

[buggeroo]

When has Toronto NOT been a landlord's market? 😆

[Gronmin]

If your going to ask questions don't include part of the answer you want in the question, it would at least help hide where you want to go with the story

[automategames]

The only stabilizing the housing market will do is when it hits terminal speed on the way down.

[DA-ptem]

This is one of the most inaccurate, misleading news pieces I've seen this month on the direction of real estate. GTA prices are down on avg 15% from their March valuations. 2/3 listings are terminated due to inactivity or no offers.

So far as recession activity goes- Inflation continues to rise north of 8% (the current BoC interest rates will only keep inflation at its current level, and won't diminish it). In addition, Canada lost 40, 000 jobs in July (all indicators WE ARE IN A RECESSION).

I think BoC rates will continue to increase well into 2023 and qualifying power/ affordability will be the dictating factors for the next 3-4 years.

This isn't the first time I've seen TREEB projecting the market with false optimism and fudged numbers. Watch Nolan Mattias video from yesterday on Toronto real estate #s... Quite a different analysis.

[sakimano]

Signs are pointing to a market crash actually. Average national price in Feb was $816, 000 and fell monthly after that. June number was $666, 000 and July should be around $625, 000. That's a -23% drop and it's accelerating, not stabilizing

[jaymar]

Good around the bush...denial....readjust the stress test and freeze all homowners HELOCS and take away all available unused HELOC rental prices and take back the 41+% of canadian homes owned by investors

[day]

This channel paid by TREB.
If the interest rates stayed high or at this level for a year or more you will see a crash of 60% or more. Many fixed rates holders will also be under the water.

[johnmath]

Very misleading! Prices have dropped 20% ! Wait till another rate hike

[sandrahamill]

Good luck keeping warm and eating this winter TORONTO. Canadians are ready for it to be turned off and nothing in stores but crickets ...are you

[leinad]

And he banters on with a poker face lol

[sakimano]

And other than real estate agents counting commissions, who cares about number of transactions? Nobody ignored a stock market crash because trading volume is good. Price matters. It's all that matters for the headline. It's amazing watching the Canadian media pretend people aren't about to lose their shirts. All because some of their biggest advertisers are real estate companies and lenders.

[tabtn]

The system which includes regulators, governments, policy markers, realtors, brokers and investors has driven out the first-time-home-buyers (FTHB) from the market. Given the high influx of immigration pretty much all over the world, home price and rent scenarios are not at all in favour of the FTHB. The liquidity in the market has not dried up. Although I am favour of mother of correction, it is highly unlikely that to happen.