GTA home sales plummet; prices are capping
According to the Toronto Regional Real Estate Board, this slowdown is due to the slowdown; increase in interest rates.
The number of properties listed for sale in November was “substantially” down from the same period last year, according to TRREB.
Property sales in the Toronto area continued to slide in November, down 49% from the same period last year, according to real estate board TRREB.< /p>
The number of homes and condominiums for sale (8,880) was also down last month on a monthly and annual basis, adds the Toronto Regional Real Estate Board (TRREB).
This explains why the average sale price has remained in the range of $1.08 to $1.09 million since August, according to the TRREB.
Many potential sellers seem to be waiting for see if prices will go up before listing their property for sale. This limited supply helps stabilize prices.
Compared to the same time last year, the average sale price in the GTA in November – across all property types – was down 5.5%, the real estate board says.
< p class="e-p">The TRREB attributes the current downturn in the real estate market to rising interest rates. For the real estate board, however, this is a “short-term shock”.
“Medium and in the long term, the demand for the purchase of a property will rebound in force.
—Kevin Crigger, President of TRREB
Mr. Crigger believes that the anticipated increase in immigration over the next few years will increase demand. All these people will need a home, he says.
He says politicians need to make sure there is enough ;dwellings to accommodate the expected population growth.