Toronto’s housing market has ground to a halt and so far not even the forces of Bank of Canada interest rate cuts have been able to revive it.
Housing market conditions in the Greater Toronto Area are the softest they have been since the 2008 recession, outside the pandemic, says National Bank economist Darren King.
And though home sales here inched up 0.6 per cent in August from the month before, they are still an “astounding” 32 per cent below pre-pandemic levels, said Royal Bank of Canada economist Robert Hogue.
Economists believe that sales will eventually pick up as the Bank of Canada continues to cut rates, but growth in average prices could still lag behind.
Over the past year condo listings have climbed to about 30 per cent above normal levels, while sales are 25 per cent lower than before the pandemic.
