June sales of Toronto homes fell by just over 41 per cent compared with the same month last year as higher borrowing costs weighed on the market, the region's real estate board states.
About 6,474 homes changed hands last month, down from 11,053 during the prior June, the Toronto Regional Real Estate Board said. June sales were also down compared to May.
Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein homebuyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up. This is all due to several of the country's biggest housing markets - Vancouver, Toronto and Calgary - have eased in recent months.
June sales of Toronto homes fell by just over 41 per cent compared with the same month last year as higher borrowing costs weighed on the market, the region`s real estate board said Wednesday. About 6,474 homes changed hands last month, down from 11,053 during the prior June (TREBB).
