Toronto still a seller's market despite the impact of high borrowing costs: Broker
BNN Bloomberg
As Toronto home sales slowed in June from the previous month, one mortgage broker said the current market cooling goes beyond seasonality trends, due partly to higher borrowing costs.
Home sales in the Greater Toronto Area during the month of June were up 3.2 per cent compared to the previous year, hitting $1,182,120, according to data from the Toronto Regional Real Estate Board. Despite the average year-over-year price increase, selling prices were lower in June relative to May’s average of $1,195,929.
“The big thing to keep an eye on is the fact that adjusting for seasonality, sales are down. And we knew sales were trending down,” John Pasalis, the president and broker of Realosophy Realty, said in an interview with BNN Bloomberg Thursday.
As momentum slows in Toronto’s real estate market, he said it remains a seller's market.
