After exhibiting relatively modest performance for most of 2018
with the advent of stricter mortgage qualification rules, Toronto
is seeing a resurgence in market competition once again.
The latest numbers from the city’s real estate professionals’
association indicated that the total number of active for-sale
listings in the GTA saw a 9.8% year-over-year decrease in November,
down to 16,420 units.
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estate news and insight – whatever the season.
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During the same time frame, the volume of new for-sale listings
in the region shrank by 26.1%.
“New listings were actually down more than sales on a
year-over-year basis in November,” TREB President Garry Bhaura
said, as quoted by Bloomberg.
Read more:Toronto
apartment inventory having trouble catching up with
demand
“This suggests that, in many neighbourhoods, competition between
buyers may have increased.Relatively tight market conditions over
the past few months have provided the foundation for renewed price
growth,” Bhaura added.
Average home sales price last month was $788,345, growing by
3.5% from the same time last year.
Meanwhile, total sales in November stood at at 6,251 completed
deals, representing a 14.5% annual decline.
TREB stressed, however,
After exhibiting relatively modest performance for most of 2018
with the advent of stricter mortgage qualification rules, Toronto
is seeing a resurgence in market competition once again.
The latest numbers from the city’s real estate professionals’
association indicated that the total number of active for-sale
listings in the GTA saw a 9.8% year-over-year decrease in November,
down to 16,420 units.
Subscribe to CREW for the best in real
estate news and insight – whatever the season.
Use code HOLIDAYS2018 to claim your free festive gift.
During the same time frame, the volume of new for-sale listings
in the region shrank by 26.1%.
“New listings were actually down more than sales on a
year-over-year basis in November,” TREB President Garry Bhaura
said, as quoted by Bloomberg.
Read more:Toronto
apartment inventory having trouble catching up with
demand
“This suggests that, in many neighbourhoods, competition between
buyers may have increased.Relatively tight market conditions over
the past few months have provided the foundation for renewed price
growth,” Bhaura added.
Average home sales price last month was $788,345, growing by
3.5% from the same time last year.
Meanwhile, total sales in November stood at at 6,251 completed
deals, representing a 14.5% annual decline.
TREB stressed, however, that any year-over-year comparison
should take into account that November 2017’s performance is
“distorted” due to a large number of buyers rushing to beat the
implementation of B-20 in January 2018.
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Read more https://www.canadianrealestatemagazine.ca/news/after-a-relatively-sedate-2018-toronto-is-heating-up-again-251569.aspx