MARKETWATCH REPORT
The Toronto Real Estate Board announced that the Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB's MLS® System in March 2018. This result was down 39.5 per cent compared to a record 11,954 sales reported in March 2017 and down 17.6 per cent relative to average March sales for the previous 10 years.
The number of new listings entered into TREB's MLS® System totaled 14,866, a 12.4 per cent decrease compared to March 2017 and a three per cent decrease compared to the average for the previous 10 years.
TREB stated in its recent Market Outlook Report that Q1 sales would be down from the record pace set in Q1 2017. The effects of the Fair Housing Plan, the new OSFI-mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year.
The MLS® Home Price Index (HPI) Composite Benchmark was down by 1.5 per cent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3 per cent compared to March 2017.
While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.
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 improve compared to Q1, as sales increase relative to the below-average level of listings. |
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BUYERS AND SELLERS INFORMATION |  | | |
One thing is for sure; we all know that we need a roof over our head.In most peoples case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have a rich family that can offer you FREE or Reduced Rent. The point is, we ALL have to pay for a roof over our heads. Real Estate has always been considered a Long-Term Investment. The real question you need to ask yourself; do I really want to pay RENT for the rest of my life? | This Grant offers financial assistance to low-income households who own and occupy substandard housing to enable them to repair their dwellings to a minimum level of health and safety. It is called the Residential Rehabilitation Assistance Program (RRAP). Who is eligible? | | |
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