Canada: GTA home sales drop, says Real Estate Board
Toronto, Mar 6 (IBNS): Home sales have dropped by 35% as selling prices dropped more than 12 percent from February 2017 in Greater Toronto Area (GTA), which includes city of Toronto and adjoining cities, Toronto Real Estate Board (TREB) reported.
Prospective buyers are still trying to come to terms with Ontario's Fair Housing Plan, which helps more people find affordable homes, increase supply, protect buyers and renters and bring stability to the real estate market as well as new mortgage stress test guidelines from the federal Office of the Superintendent of Financial Institutions, TREB President Tim Syrianos said.
“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017," Syrianos stated.
This caused worries due to the fact that Toronto 2018 budget kept property tax down.
Although average price for detached homes in downtown Toronto fell four percent past year, new listings remained below average for February for the previous 10 years.
“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments,”Jason Mercer, TREB’s Director of Market Analysis was reported to state.
(Reporting by Asha Bajaj)
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