Welcome guest.  ( Sign in )

A Change in the Real Estate Market!

May 3, 2017 - Updated: May 3, 2017

 

Sales fall, listings up in Toronto

 

In its first release since Ontario’s new housing plan, TREB releases Toronto market stats and provides update on influence of foreign buyers and short-term speculators.

A total of 11,630 homes were sold in the GTA in April, down 3.2% year-over-year. Listings, meanwhile, were up 33.6%, according to the Toronto Real Estate Board.

"The fact that we experienced extremely strong growth in new listings in April means that buyers benefitted from considerably more choice in the marketplace,” Larry Cerqua, TREB president, said. “It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the past year or if some of the increase was also a reaction to the Ontario Government's recently announced Fair Housing Plan."

TREB is forecasting the possibility of a balanced market, after years of being considered a seller’s market.

"It was encouraging to see a very strong year-over-year increase in new listings. If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions,” Jason Mercer, TREB's director of market analysis, said. “It will likely take a number of months to unwind the substantial pent-up demand that has built over the past two years. Expect annual rates of price growth to remain well-above the rate of inflation as we move through the spring and summer months."

Foreign buyers

In this latest report, TREB also analyzed aggregated annual property sales in the Greater Golden Horseshoe (GGH) between 2008 and April 2017 – including data from the Municipal Property Assessment Corporation (MPAC) and Teranet.

That study found buyers with mailing addresses outside Canada account for less than 1% of activity. It also found foreign buyers in the GGH accounted for 2.3% of market share between 2008 and April 2017.

“The trend from 2008 to April 2017 suggests that the share of foreign home buyers has remained low.  The results also follow the results from earlier released data from an Ipsos survey of TREB Members conducted in the fall of 2016,” TREB said in its release. “The Ipsos survey results estimated that 4.9% of transactions undertaken between the fall of 2015 and the fall of 2016 were accounted for by foreign buyers.  The Ipsos survey results had an estimated margin of error of ± 2 percentage points, 19 times out of 20.” 

Speculation

“Between 2008 and April 2017, homes bought and sold within a short period of time – within one year of the original transaction – by domestic or foreign buyers accounted for a very small share (less than 5% in 2016 and approximately 7% between January and April 2017) of total transactions,” TREB said. “TREB analyzed the ratio of property owners that owned more than one property in the GGH to the total number of properties. As of April 2017, this was a relatively small 6.2% of total properties.”

 

Visit us at Durham Bungalows.ca for all your Real Estate needs.

 

source: http://www.canadianrealestatemagazine.ca/news/sales-fall-listings-up-in-toronto-224977.aspx

 


Tagged with: real estate market home sales
| | Share

Durham Region July 2018 Market Statistics

Originally posted on: August 17, 2018
Last updated on: August 17, 2018
Filed under: july market durham region
Transactions increase Year-Over-Year for July in Durham Region. Please feel free to share and if you would like more information please let us know.

Home prices set to rise.

Originally posted on: July 11, 2018
Last updated on: July 11, 2018
Filed under: sellers home prices
National home prices set to rise after slow start says Royal Le Page by Steve Randand11 Jul 2018 It’s no ...

Things to do this July 7 and 8th weekend in Durham

Originally posted on: July 5, 2018
Last updated on: July 5, 2018
Filed under: things to do durham festivals
6 ideas for Durham Region on July 7 and 8 WHATSON 04:00 AM Oshawa This Week UXBRIDGE -- Daniel ...

Good News for Home Buyers and Sellers

Originally posted on: June 14, 2018
Last updated on: June 14, 2018
Filed under: buyer homes seller
Good news for homeowners by Canadian Press14 Jun 2018 A report by Canada Mort ...

Tick Safety

Originally posted on: June 8, 2018
Last updated on: June 8, 2018
Filed under: tick safety ticks tick removal
We are sure you have heard about the tick infestations on the news lately. We thought we would post this for everyone to know how to prevent and ...
Sales Representative


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-289-274-2273
Powered by Lone Wolf Real Estate Technologies (CMS6)