“The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.”

– TRREB Market Watch Report May 4, 2022

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It’s common for buyers to “move to the sidelines” while major changes are occurring, be they related to monetary policy, fiscal policy or global events. With interest rates rising in Canada and the new war in Europe, many potential home buyers have decided to take the “wait and see” approach.

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Regardless of what is happening in the immediate situation, the demand for housing in Canada and especially in the GTA remains on those “sidelines”, waiting for the chance to pounce on good opportunities. Even though the volume of sales were down in April 2022 by 41.2% year-over-year in the GTA, prices were up by 15.0% in April 2022 because prices are still being supported by that underlying demand.

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Miia

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