Toronto, Apr 4 (IBNS): The home sales in Greater Toronto Area (GTA) has gone down by 40% in March 2018 compared to the one registered in the same month a year ago, media reports said.
The TREB has recorded a steep decline in percentage this March.
Compared to 11,954 home transactions in March last year, the same month has recorded 7,228 transactions in 2018.
The average price of all kinds of houses, which include detached, semi-detached, townhomes and condos, is $784,558 in March 2018.
In March 2017, the average price was $915,126.
Tim Syrianos, president of the real estate board, told Toronto Star, " The effects of the (Ontario government’s) Fair Housing Plan, the new (federally mandated mortgage) stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold."
Jason Mercer, TREB's director of market analysis, told Toronto Star, "Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory, versus this year, with inventory levels ranging between two and three months."
"It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth to improve compared to (the first quarter), as sales increase relative to the below-average level of listings."
(Reporting by Suman Das)
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