The Toronto Real Estate Board (TREB) announced a drop in sales of almost 35 percent in February, as the average selling price fell more than 12 percent to $767,818.
Although there were more than 7 percent more new listings entered into TREB’s MLS® System in February 2018 over the same month in 2017, TREB President Tim Syrianos reported just 5,175 residential transactions in February 2018, compared to the record 7,955 sales reported in February 2017.
“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. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to re-evaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr.Syrianos.
Price-wise, the apartment and townhouse market segments has annual benchmark price increases of 18.8 percent and 7.5 percent respectively, helping to support the TREB market area as a whole. In fact, Jason Mercer, TREB’s Director of Market Analysis, adds he expects stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments.
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