The Latest In Mortgage News: GTA Home Prices Down 22% From February

The Greater Toronto Area's housing market has experienced significant declines in the prices of certain housing segments, such as a 22.6% decline in freehold townhouses, a 13.5% drop in semi-detached prices, a 12.1% fall in detached homes, and a 6.8% decrease in condos from February to early April. Meanwhile, the number of active listings has increased by 76%, while the Median Aggregated Days on Market has more than doubled since February. The recently passed "Cooling-Off" bill in British Columbia aims to protect homebuyers by allowing them a period to back out of their home purchase without penalty, but the bill lacks logistical details. A new survey shows that six in 10 Canadian non-owners have given up on owning a home, while 67% of Canadians and 76% of non-owners believe that owning a home is only for the rich. Inflation has also increased debt concerns among Canadians. Finally, former Bank of Canada Governor David Dodge recommends a rapid policy rate hike to prevent inflation expectations from getting out of control.