Fewer jobs mean fewer home buyers: Toronto real estate is feeling the impact of high unemployment rates and is now approaching bear market territory.
August 2024 Unemployment Rates:
🔹Toronto hit 8%, one of its highest rates since 1997 (excluding 2009-13 & COVID): https://lnkd.in/gANSui3
🔹Vancouver’s at 6%, which, historically, isn’t terrible.
Average Home Prices in August:
🔹Toronto: Nearly in bear market territory, down 19.5% from the Feb 2022 peak
🔹Vancouver: Down 7% from peaks in Feb 2022 & June 2024
Yes, it is all about Location!
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