Actual Property
By Sammy Hudes, The Canadian Press
November 06, 2024 at 5:36AM EST
After catching you up on the information of the week, Amanda Lang speaks with Aled ab Iorweth, deputy chief economist with the Canada Mortgage and Housing Company, to test in on the tempo of Canadian residence development and whether or not it’s going to meet our future housing wants.
The Toronto Regional Actual Property Board says residence gross sales in October surged as patrons continued shifting off the sidelines amid decrease rates of interest.
The board says 6,658 houses modified palms final month within the Larger Toronto Space, up 44.4 per cent in contrast with 4,611 in the identical month final 12 months.
Gross sales had been up 14 per cent from September on a seasonally adjusted foundation.
The common promoting value was up 1.1 per cent in contrast with a 12 months earlier at $1,135,215. The composite benchmark value, meant to characterize the standard residence, was down 3.3 per cent year-over-year.
Board president Jennifer Pearce says that whereas it’s nonetheless early within the Financial institution of Canada’s key rate of interest chopping cycle, homebuyers seem motivated by decrease borrowing prices which contributed to a “positive affordability picture” final month alongside comparatively flat residence costs.
New listings final month totalled 15,328, up 4.3 per cent from a 12 months earlier.
This report by The Canadian Press was first printed Nov. 6, 2024.
