Economist reacts to Toronto real estate figures
BNN Bloomberg
Toronto’s latest real estate figures suggest the housing market may be in the midst of a rebound, according a Desjardins economist, though he cautions that the full impact of elevated rates has yet to play out.
Toronto’s latest real estate figures suggest the housing market may be in the midst of a rebound, according a Desjardins economist, though he cautions that the full impact of elevated rates has yet to play out.
New data from the Toronto Regional Real Estate Board shows the city saw 3,444 home sales in December, an 11.5-per-cent climb compared to a year ago. The average price for a home climbed 3.2 per cent to $1,084,692.
Marc Desormeaux, principal economist at Desjardins, said he believes the numbers show Toronto’s real estate market may be on the upswing, as the Bank of Canada appears to have paused its rate hiking cycle.
