Given the importance of the housing industry as a driver of economic growth, a transparent process and sound rationale in the development and management of stress test guidelines are also of utmost importance," said TRREB CEO John DiMichele. Consumers looking to renew their existing mortgages with a different lender should not be subject to an additional stress test burden beyond what they would face with their existing lender. As higher borrowing costs impact housing markets, TRREB maintains that the OSFI mortgage stress test should be reviewed in the current environment. Policymakers could help allay some of this uncertainty. "Many GTA households intend on purchasing a home in the future, but there is currently uncertainty about where the market is headed. TRREB is also calling on all levels of government to reassess and clarify policies related to mortgage lending and housing development. When they do, we want to have an adequate pipeline of supply in place or market conditions will tighten up again," said TRREB Chief Market Analyst Jason Mercer. With savings high and the unemployment rate still low, home buyers will eventually account for higher borrowing costs. TRREB has put realistic solutions on the table to address the existing housing affordability challenges. Despite more balanced market conditions resulting from rapidly increasing mortgage rates, policymakers must continue to take action to boost housing supply to account for long-term population growth. "The Greater Toronto Area (GTA) population continues to grow and tight labour market conditions will drive this growth moving forward.
Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs. The average selling price was up by 1.2 per cent compared to July 2021 to $1,074,754. The MLS® Home Price Index (HPI) Composite Benchmark was up by 12.9 per cent year-over-year. As buyers continued to benefit from more choice, the annual rate of price growth has moderated. Market conditions remained much more balanced in July 2022 compared to a year earlier. The expectation is that the trend for new listings will continue to follow the trend for sales, as we move through the second half of 2022 and into 2023. New listings also declined on a year-over-year basis in July, albeit down by a more moderate four per cent. Following the regular seasonal trend, sales were also down compared to June. 04, 2022 (GLOBE NEWSWIRE) - There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 per cent compared to July 2021.
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