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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





6 December 2018

Certain Toronto areas show higher competition at the real estate market

Last month, Toronto housing market kept showing a modest price growth and a drop in sales.

At the same time, certain markets reported an increase in competition in some of their segments, says the Toronto Real Estate Board.

Last month, home sales through the MLS reached 6,251, marking a 14.7% annual decline. However, November 2017 showed a strong activity increase, caused by approaching mortgage stress tests.

"New listings saw a more rapid decline than sales on a year-over-year basis. It means, many neighbourhoods could have faced a higher competition between buyers. Relatively tight market conditions during the previous several months prepared the background for a possible prices growth," - noted TREB president Garry Bhaura.

On a seasonally adjusted basis, home sales fell by 3.4% from October 2018.

The MLS Home Price Index (HPI) Composite Benchmark rose by 2.7% annually, with the average selling price showing a 3.5% year-over-year increase to $788,345.

The average selling price on a seasonal adjustment would go down by 0.8% from October.

"Home types with a lower price reported a stronger price growth during the previous few months. With the influence of OSFI’s mortgage stress test and higher borrowing costs, it’s quite understandable why condo apartment and semi-detached segments are showing a faster growth pace – the market conditions here remained tight over the past year," - said Jason Mercer, TREB's Director of Market Analysis.

 

 

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