July 2023
Dear Friend,
The hunger and desire for home ownership were evident in June’s sales activity, as 7,481 homes sold on the Toronto Real Estate Board, up 16.5% over June 2022. Despite the uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates, buyers were out and active, and the average home price increased due to the high demand and low listing inventory of homes available for sale. We seem to be heading for a perfect storm for the housing market, a battery that will continue to drive prices even higher than before. Let’s review the elements of...