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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 June 2019

Toronto housing market is becoming more profitable for sellers

It looks like Toronto real estate market is entering the sellers’ territory, as home sales in May were up sharply, while supply remained almost unchanged.

The recent report by the Toronto Real Estate Board (TREB) says there were 9,989 home sales through the MLS System last month, which is 18.9% higher than the 15-year low result seen a year ago.

Nevertheless, TREB president Garry Bhaura noted that May’s performance is still lower than the long-term May average of 10,300, in spite of the significant improvement from a weak start of the year.

“Sales activity is still below the longer-term norm, as potential home buyers have to face the OSFI mortgage stress test and restrained supply”, -  he added.

Overall, the market faces a positive tendency, according to TREB.

“Following a weak start of 2019, the second quarter shows a positive shift in consumer sentiment toward homeownership. Households still consider a property in the GTA to be a quality long-term investment, as population growth is supported by immigration and the regional economy keeps adding jobs in various segments”.

Meanwhile, listings rose by only 0.8% to 19,386 units. Strong market competition led to a 3.6% annual prices increase to $838,540, which outpaced the hikes reported in April (1.9%) and March (0.5%).

According to TREB, although the market can cope with single-digit annual price gains, the restrained supply may cause a much higher prices increase.

“Such a potential scenario is one more reason why TREB and other housing industry stakeholders call for eliminating the obstacles on the way to a wider and more diverse supply of real estate at the market”, - TREB’s chief market analyst Jason Mercer noted.

“Many homeowners don’t want to list their real estate for sale as they don’t see enough housing options meeting their desires”.

 

 

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