Toronto home prices up but rising mortgage rates could spell trouble

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TORONTO – The average sale prices of Toronto homes continued to climb in June, but rising mortgage rates and an oversupply of condos could spell trouble for the city’s real estate market.

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After a decade of rising prices. While home sales are falling just now, a mortgage commitment lasts decades. So while the economy may continue to come up roses, a sudden recession – something many.

The average sale prices of Toronto homes continued to climb in June, but rising mortgage rates and an oversupply of condos could spell trouble for the city’s real estate market, according to.

“If home prices rise substantially above income growth, the only way you’re bridging that gap usually is through mortgage. with Toronto-Dominion Bank. Gulati estimates the market is overvalued by.

The median price of a resale home there is now an unfathomable $1,098,599. In Toronto. and incomes have both grown at modest rates.” The agency expects affordability to increase this and next year.

But neither that nor threats of rising interest rates and tighter mortgage rules seem to be slowing the flood of new cash into Vancouver and Toronto property. One of the reasons could well have. to.

 · (Source: “Existing-Home Sales Forged Ahead in November,” National Association of Realtors, December 21, 2016.) Moreover, the median existing home price for all housing types surged nearly seven percent from a year ago to $234,900. With rising mortgage rates and rising prices, home buyers seemed to be rushing to close their deals.