Toronto home sales plunge 41% in April as higher rates take hold
Since, 2020 at the time of the pandemic, we have seen an increase of housing prices by 50% or more, and the crazy multiple offers that followed suit. People were purchasing houses without taking advantage of a cooling-off period and home inspections. To me, I felt as if the world of real estate was going insane. I didn’t believe that there was a shortage of housing, I believe that it was all manipulation to keep the real estate industry moving along. Real Estate was basically the only industry that was in a growth mode since 2020.
This is my opinion, after being in the industry and business owner, since 1982, When I purchased my first home in 1988, I was in bidding wars for more than 21/2 years, but at that time I didn’t even know what that was or meant. I did manage to purchase a house without having to get into a foolish bidding war. I purchased it before it was even listed. That was my introduction into the world of real estate. Maria Rekrut
The latest data from the Toronto Regional Real Estate Board (TRREB) showed 8,008 properties were sold in the month of April, far below the 13,613 transactions that occurred in the same month last year. It represents a 41.2 per cent plunge.
Activity was also sharply lower on a monthly basis, with sales down 27 per cent from March.“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation,” said Kevin Crigger, president of TRREB, in a release Wednesday.