December Sales Down 18%

Tuesday Jan 09th, 2018

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December Sales Down 18%

Toronto real estate board reported 92,394 homes sold in December 2017 down 18.3% from same time last year 2016.President of Toronto Real Estate Board said in a statement that the government’s decisions play a significant rule in bringing the sales down by 18.3%.

TREB’s research shows that foreign home buying was not a major drive of sales in the GTA. However, the Fair Housing Plan with a 15% tax on non-resident purchase of homes, was introduced in April of 2017 had a market psychological impact on the marketplace and that led to some sharp price declines for detached homes in GTA.

The detached-home prices are down 2.5% lower than they were a year ago to an average of $989,870 but the condo market have not been affected and were up 14.4% in December to an average of $503,968. New mortgage rules could slow the market even more this year with OSFI, requires banks to “stress test” borrowers of conventional mortgages to ensure they can handle an increase in mortgage rates of about 2 percentage points.

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