The Toronto real estate market has remained hot despite the Bank of Canada's interest rate hikes. Reports are now showing dollar volume for home purchases increased in 22 Toronto neighbourhoods, with the largest increase in Parkwoods, Don Mills, and Victoria Village neighborhoods. Scarborough saw the slowest increase at 1%, but home sales fell to 47. The condo market also showed similar trends.
Condominium dollar volume increased in 23 Toronto neighborhoods, compared to a decline in six. This increase is likely due to the increased popularity of condos as affordable property types, especially in areas like York Mills, Bridle Path, and Hoggs Hollow. The Bank of Canada's overnight lending rate remained at 4.5% for several months, but hiked rates in June by 25 basis-points, surprising economists. Despite tighter interest rates and prices, previously reluctant buyers have adjusted to rising mortgage rates and moved off the sidelines.
