RBC Economics reported a "lethargic" summer in Toronto's housing market with flat home prices, a July dip, and mixed impact of interest rate cuts.
Summarizing Toronto's housing market in the summer, RBC Economics reported a "lethargic" performance due to affordability strains and higher borrowing costs. A modest resale advance in June was reversed by a 0.7% dip in July, with home prices remaining largely flat over the past four months. Condo prices accounted for most of the annual decline. Despite the Bank of Canada's interest rate cuts earlier this year, their impact has been mixed, and the report suggests that more rate cuts are needed for housing markets to see an increase in sales activity.
August 12, 2024
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