.png)
Despite the easing momentum in sales following the Bank of Canada's recent rate tightening in June, this adjustment has contributed to fostering a more balanced market. Remarkably, the average selling price, standing at $1,118,374, maintains a resilient 4.2% year-over-year growth, a testament to the market's strength even amidst heightened interest rates and a temporary sales deceleration.
The recent sales slowdown, spanning the past two months, is primarily attributed to uncertainties surrounding borrowing costs, job prospects, and broader economic conditions. However, the enduring demand for homeownership, driven by an unprecedented population expansion, remains a promising constant in the long-term landscape.
In a contrasting scenario, the second quarter of 2023 witnessed remarkable growth in average condominium apartment rents, far surpassing inflation rates. Despite an increase in available rental units, the tenacious competition among renters remains a dominant force.
To put numbers into perspective, the average rent for a one-bedroom condo apartment surged by 11.6% in Q2 2023 compared to the same period in 2022, reaching $2,532. Similarly, the average two-bedroom rent registered a noteworthy 9.2% increase to reach $3,264.
Fascinatingly, consumer polling conducted by TREB reveals that despite elevated borrowing costs, the upward trajectory in rent costs is prompting households to consider reentering the ownership market, underscoring the market's attractiveness and potential for growth.
