GTA home sales down 35% from February 2017
Tuesday Mar 06th, 2018Share
Toronto Real Estate Board Reported the number of homes sold last month fell nearly 35% and the average selling price dropped 12% from the historically high levels set last year.
The average selling price covering all types of residential sales was down 12.4% to $767,818 compared to last year and the number of transactions were also down to 5,175 compared to 7,955 sales in February 2017 down 34.9%.
Toronto Real Estate Board showed the biggest drop was in detached homes in both the number of transactions and sold price compared to last year February 2017. Detached homes had also been the driving force behind a spike in prices in the early months of last year that prompted the Government to introduce some new rules to cool the housing markets in April of 2017.
In April of 2017 when the Fair Housing Plan was introduced most home buyers and sellers backed off because they were not so sure what will happen and that cooled the market. As the buyers and sellers start feeling a little comfortable with the Fair Housing Plan the Stress test kicked in Jan,1,2018 and that cooled down the markets further.
Interest Rates for mortgages have risen over the past year by the Bank Of Canada.