The much-anticipated spring housing bloom has failed to materialize across the GTA and beyond. While April saw a 7% sales increase in the Greater Toronto Area compared to last year, average prices dipped by nearly 5% to $1,051,969. Experts suggest we are stuck in a ‘tempered’ environment where high mortgage rates and shifting economic sentiment keep buyers cautious and methodical.
Zach Pendley of EY Canada notes that the once-thriving investor condo market has cratered, largely due to cooling population growth. While affordability is showing slight improvement, it hasn’t reached the threshold required to spark a major market surge. As the industry navigates the second half of this correction, both buyers and sellers are recalibrating expectations for a new reality. For a deeper dive into the national outlook and expert forecasts from CREA and BMO, read the full report at CTV News.
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