The Ontario Real Estate market is currently experiencing something it has not experienced in recent years… a buyers market!
The Toronto Real Estate Board is predicting the market to adjust as of July.
August 3, 2017 — Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017. This result was down by 40.4 per cent on a yearover- year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year’s level.
“A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA. Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve,” said Mr. Syrianos.
The result of a steamy Toronto real estate market meant a spill over for sellers in outlying areas in the GTA like Burlington and Hamilton who enjoyed the rapid influx in real estate prices. However there appears to be some relief for buyers in the Ontario real estate market as a whole.
The REALTORS® Association of Hamilton-Burlington (RAHB)reported 2,013 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in July, which is 17.8 per cent higher than the same month last year, 9.2 per cent higher than the 10-year average and the most new listings in the month of July.
All property sales were 20.4 per cent lower than the same month last year, and 12.9 per cent lower than the 10-year average.