Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported almost identical residential sales results in March 2019 compared to March 2018. In fact, the number of residential sales in March 2019, at 7,188, only topped March 2018 numbers by one sale!
While March and Q1 sales remained relatively flat compared to last year, March new listings decreased by 5.1 percent year-over-year.
“The OSFI stress test continues to impact home buyers’ ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be reviewed. The supply of listings in the GTA also remains a problem. Bringing a greater diversity of ownership and rental housing online, including ‘missing middle’ home types, should be a priority of all levels of government,” said Mr. Bhaura.
“Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices,” added Jason Mercer, TREB’s Chief Market Analyst.
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