It would appear recent rate hikes from the Bank of Canada are having their intended effect on the housing market — the latest numbers from the Toronto Regional Real Estate Board reveal both sales and prices are starting to soften, as buyers, wary of market volatility, take to the sidelines.

A total of 8,008 homes sold through the TRREB MLS system in April, down 41.2% year over year, and -27% compared to March. The board notes that the decline was steepest in markets outside of the City of Toronto core, with detached houses in the 905 regions particularly feeling the brunt.

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