Skip to main content

GTA REALTORS® Release March 2019 Stats

April 3, 2019 -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB's MLS® System in March 2019. This result was inline with 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by one per cent compared to Q1 2018.

"The OSFI stress test continues to impact home buyers' ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be reviewed. The supply of listings in the GTA also remains a problem. Bringing a greater diversity of ownership and rental housing online, including 'missing middle' home types, should be a priority of all levels of government. TREB is happy to be taking part in the City of Toronto's consultations for the Housing TO – 2020-2030 Action Plan, and will certainly be raising the supply issue during these discussions," said Mr. Bhaura. 

"While the City of Toronto's recently announced Housing TO – 2020-2030 Action Plan is exciting and commendable and TREB looks forward to contributing solutions as a Member of the External Advisory Committee, the recently proposed increase to the Municipal Land Transfer Tax on higher priced properties is problematic. As the recent City budget process showed, the MLTT is not a sustainable revenue source from which to fund municipal programs. On top of this, additional MLTT on higher priced homes could have a trickle-down effect on the supply of homes throughout the housing price continuum," said TREB CEO John Di Michele. 
The MLS® Home Price Index Composite Benchmark was up by 2.6 per cent year-over-year in March, while the average price for March sales was up by a lesser annual rate of 0.5 per cent to $788,335. The average selling price for Q1 2019 was up by 1.1 per cent year-over-year. 

"Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices," said Jason Mercer, TREB's Chief Market Analyst.

Comments

Post a Comment

Popular posts from this blog

7 Ways to Make Your Home Cozier This Winter Without Spending

As the temperatures continue to drop, we'll all be spending more time indoors. There are countless ways to make your home feel cozier for the winter if you have extra money to spend, but if you're being mindful of your finances after the holidays, here are some ideas to help you do it without spending. Bring Out the Blankets As the temperatures drop, it’s time to bring out all of those extra throw blankets and quilts you have lying around in storage. Drape blankets over your couches, chairs, beds, and ottomans; fill a blanket ladder and display it in the corner of a room; or fold extra blankets and place them in the corner. Sticking to warm textures such as wool where possible will help to make the space feel cozy. Light Candles Lighting some candles around your home is one of the easiest ways to make your space feel cozy, and who doesn’t have a stash of candles sitting around somewhere in their home? Not only will the flickering light add a sense of warmth and charm, but your ...
Post a Comment
Read more

Bathroom Upgrade Options

Whether you're looking for easy, affordable changes or a major renovation, there are many ways to enhance a bathroom environment. Beyond the basics like decorative colour-coordinated accessories to match curtains, mats and towels, enhanced upgrades like a spa-inspired showerhead and a touchless faucet will add personal comfort and convenience. Depending on your budget, a total makeover might include new tiling. If so, consider a few hand-painted accent tiles to make your bathroom truly unique. More spacious projects might include the addition of a two-sink vanity or a soaker tub.  Bidets are also becoming more popular as they become more affordable. If you don't have the room to add a luxurious stand-alone bidet, some newer toiles are dual purposed, while others can be accessorized with an add-on set attachment for a comparable hygienic experience. No matter what your bathroom makeover budget may be, you can achieve a fresh transformation simply by making a creative paint selec...
Post a Comment
Read more

3 Reasons To Invest In Smart Technology

AI is becoming more and more a part of modern life. Whether you are for it, against it, or somewhere in between, embracing AI at home can have considerable benefits. Save $$$ - With smart technology, you can set usage modes based on time of day or set vacation mode with your thermostat, lights, and refrigerator. If you forget to turn down the heat before you leave, you can remotely control it with your phone from anywhere. Time  - saving alerts and reminders – Have you ever put a load of laundry in the washer only to forget about it until the next day? With smart technology, you can receive alerts when your laundry is complete. For the kitchen you can now buy smart fridges that track food inventory and expiration dates and notify you when items are running low. Security – Wouldn’t it give you peace of mind if you got a notification when the oven was left on or the front door was unlocked? Smart technology can do just that and rectify the situation – remotely. There are now also sm...
Post a Comment
Read more