"Toronto’s housing market is correcting in the wake of affordability pressures, inventory build, changes to mortgage insurance rules and more cautious lending policies. Sales and construction have already shifted notably lower, and prices are beginning to level out. We expect this adjustment process to continue into mid-decade, with downside risk to prices, particularly in the condominium market where supply additions are expected to outpace underlying demand."
You can read the full report here:
Ironically this report was published today just as Stats Canada reported 95,000 new jobs. But don't get too excited about the economy picking up steam as that would mean higher interest rates.
Have a good weekend!
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