Real Estate News

April 2018 Newsletter

 

GTA REALTORS® Release March Stats

April 4, 2018 -- Toronto Real Estate Board President Tim Syrians announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB's MLS® System in March 2018. This result was down by 39.5 percent compared to a record 11,954 sales reported in March 2017 and down 17.6 percent relative to average March sales for the previous 10 years.

 

The number of new listings entered into TREB's MLS® System totaled 14,866 – a 12.4 percent decrease compared to March 2017 and a three percent decrease compared to the average for the previous 10 years.

"TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017," said Mr. Syrianos. "The effects of the Fair Housing Plan, the new OSFImandated stress test, and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year."

 

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The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3 per cent compared to March 2017.


While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.

"It is not surprising that home prices in some market segments were flat to down in January compared to last year. At this time last year, we were in the midst of a housing price spike driven by exceptionally low inventory in the marketplace. It is likely that market conditions will support a return to positive price growth for many home types in the second half of 2018. The condominium apartment segment will be the driver of this price growth," said Jason Mercer, TREB's Director of Market Analysis.

 

Retrieved from Toronto Real Estate Board Report

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Celebrate spring recipes with these go-to ingredients

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These three recipes are packed with spring flavors! Try them at home!

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13 things everyone should do this spring

 

Spring is all about getting a fresh start. Trees get leaves again, flowers start to bloom, and the weather finally begins to pick back up. It's the perfect time to get outside and get active before the temperatures become unbearable.


Here are 13 spring activities that will help you get rid of your winter blues and kick off a new, sunnier season.

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