In some GTA suburbs, Toronto housing crash has shaved over one-third of value off of average home prices the first two quarters of 2022 for some communities, as the bidding wars of 2021 fade into memory. In the nearby township of King, Ontario, located 56.5 km north of Toronto, prices have dropped a whopping 36% on average. Although King City is an obvious outlier in the dataset, several experienced rapid drops in average price among all-dwelling residences. Calendar GMT Reference Actual Previous Consensus TEForecast 2022-03-02 3:00 PM BoC Interest Rate Decision 0.50% 0.25% 0.50% 0.50% 2022-04-13 2:00 PM BoC Interest Rate Decision 1% 0.50% 1% 1% 2022-06-01 2:00 PM BoC Interest Rate Decision 1.50% 1% 1.50% 1.50%Also consider that home ownership has become more of a liability with inflation surging. Canadians with a high loan-to-income ratio variable rate mortgages would see payments rise by 45% in 2025-26 upon renewal.

Source: thestar June 13, 2022 15:20 UTC