Toronto Real Estate Prices Drop Fast in October, Stresses Showing Up

#torontorealestate #canadarealestate #gtarealestate

Toronto’s real estate market saw its fastest price drops in 15 months, with the Benchmark price falling over $20,000 in October, down almost $70,000 from its 2023 peak. Some homebuyers are walking away from their deposits, as financing and appraisals are falling through.

Links:

GTA REALTORS® Release October 2023 Stats:

https://trreb.ca/index.php/market-news/market-watch

Toronto Home Prices Fall Most in 15 Months as Rates Sting Buyers:

https://ca.finance.yahoo.com/news/toronto-home-prices-fall-most-090000311.html

Bank of Canada held interest rate partly due to upcoming mortgage renewals: Macklem:

https://globalnews.ca/news/10064907/bank-of-canada-mortgage-renewals-tiff-macklem/

Toronto Home Sales Fell 5.8% In October As Interest Rates Cool Market:

https://www.baystreet.ca/economiccommentary/4001/Toronto-Home-Sales-Fell-58-In-October-As-Interest-Rates-Cool-Market

GTA home sales drop 5.8% in October amid high borrowing costs:

https://toronto.citynews.ca/2023/11/02/gta-toronto-home-sales-october/

Toronto-area buyers are walking away from deposits on new homes — some losing as much as $300,000:

https://www.thestar.com/real-estate/toronto-area-buyers-are-walking-away-from-deposits-on-new-homes-some-losing-as-much/article_db451c58-5c4b-5269-8510-17095d5496e1.html

Treasuries Have Best Day Since March on Refunding, Fed Path:

https://www.bloomberg.com/news/articles/2023-11-01/treasuries-have-best-day-since-march-on-refunding-fed-path

Canada 5 Year Government Bond:

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

RBC Mortgage Rates – August 2022:

https://web.archive.org/web/20220818233349/https://www.rbcroyalbank.com/mortgages/mortgage-rates.html

Mortgage Rates:

https://www.rbcroyalbank.com/mortgages/mortgage-rates.html

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