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You can see other videos from our team here. According to monthly figures released by the Toronto Regional Real Estate Board on Tuesday, GTA homes sales fell by 49 per cent over last November to 4,544 units, while month-over-month sales declined as well.
In November, the new listings fell 11.6 per cent to 8,880 from 10,044 last year. The composite benchmark price fell 5.5 per cent to $1,089, 800 from $1,163, 323 in November 2021. The average price of all home types sold fell 7.2 per cent to $1,079, 395 from $1,162, 564 over the same time period. In the report, Kevin Crigger, the president of TRREB, said that increased borrowing costs represent a short-term shock to the housing market. The demand for ownership housing will pick up strongly over the medium to long term. This is because a large share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe GGH in the coming years, and all of these people will need a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs but rather to ensure that we have enough housing to accommodate population growth. Market activity has fallen dramatically since the Bank of Canada began raising interest rates in March. The immigration will force the hands of those who have chosen to stay on the sidelines, according to TRREB. Jason Mercer, the chief market analyst for TRREB, said that immigrant households tend to focus on becoming homeowners. He thinks long-term demand will be increased as Canada opens its borders to a record number of immigrants in the coming years.
In November, Vancouver real estate sales decreased more than 50% if you think about long-term demand for housing, whether you are talking about ownership housing or rental housing, the Greater Golden Horseshoe or the GTA is the single biggest beneficiary of immigration in Canada, Mercer said. Competition in the housing market will cause buyers to return to the market despite steep interest rates. The data for November shows that semi-detached homes have been hardest hit by an average price decline of 13.9 per cent over the year, with Halton Region claiming the title of the largest decline across all home types at 11.18 per cent over the same time period. The average price of a condo fell by 0.9 per cent in November after outperforming all other housing types in October.