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

Author: 
Steve Huebl
Publication date:
May 2, 2022
Article Summary: 

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.



Keywords: 

Greater Toronto Area, Housing market, Freehold townhouses, Semi-detached, Detached homes, Condos, Active listings, Median Aggregated Days on Market, Cooling-Off bill, British Columbia, Homebuyers, Survey, Canadian non-owners, Homeownership, Inflation, Debt concerns, Bank of Canada,Policy, rate hike, David Dodge

Source Citation: 
Steve Huebl
The Latest In Mortgage News: GTA Home Prices Down 22% From February
May 2, 2022
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