analysis

Rising unemployment, particularly in the Greater Toronto Area, is cooling housing demand.

The Greater Toronto Area housing market in August, as tracked by the Toronto Regional Real Estate Board (TRREB), paints a bleak picture. Average home prices have fallen to levels last seen in February, 2021.

Adding to the grim outlook, nearly 3 per cent of current listings are power-of-sale properties, while the region’s unemployment rate has climbed to 9 per cent , the highest in 12 years, excluding the anomalous period during the COVID-19 peak in 2020–2021.

The Toronto housing market story has two parts: first, the reality of current home prices after more than three years of cooling; and second, the looming question of where the market is headed over the next 12 months.

Averag

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