|
The
average price of an area home fell 5.4% in July from June to
C$1,118,374 ($837,796), while the number of sales declined
29.7%, Toronto Regional Real Estate Board (TRREB) data showed on
Thursday.
"It does appear that the sales momentum that we experienced
earlier in the spring has stalled somewhat since the Bank of
Canada restarted its rate tightening cycle in June," board
President Paul Baron said in a statement.
The BoC raised its benchmark interest rate in June after a five
month pause and then again last month to leave it at a 22-year
high of 5%, aiming to slow the economy sufficiently to cool
inflation.
Money markets see a roughly 75% chance that the central bank
will tighten further this year.
On a year-over-year basis, the number of home sales rose 7.8% in
July and the average home price was up 4.2%. Still, the average
home price was down 16.2% from the February 2022 peak.
New listings rose at a faster pace than sales, climbing 11.5%
year-over-year.
($1 = 1.3349 Canadian dollars)
(Reporting by Fergal Smith; Editing by David Gregorio)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
