Largest housing market in Canada couldn’t shake winter sales to get chill in February, with other months of decline in double digits in the wake of latest wave of some regulatory changes.
Home sales across Greater Toronto Area plummeted by 34.9% over a year in the last month as around 5,175 properties were traded in hands. Here are some Insider Secrets for Getting Maximum Value in Any Market of Selling Toronto Home.
Overall average selling price of a home was around $767,818, which mark 12.4% decline from the last year and representing uptick from January when average price of a home was around $736,783.
In sign, housing market in Canada still is recalibrating and houses in Canada stayed in February on real estate market for around 25 days on an average of 92% which is more than as comparative to the last year, whereas active listings were surged by 147% over a year.
Home Sellers and Buyers have been jockeying for a position in GTA for better part of tighter borrowing conditions and a year amid government intervention. Ontario government introduced 16-point plan during last April which included tax on home buyers from foreign which were designed to improve home affordability. You can also know that What You Need to Know Before Buying or Selling a Home in Canada.
Meanwhile, Bank of Canada raised all of its benchmark of interest rate by 3 times since last summer and Office of Superintendent of Financial Institutions new stress test when uninsured home mortgages came into effect in January.
Tim Syrianos, TREB President said that some of the prospective home buyers are coming to the terms with psychological impact of Fair Housing Plan and some have had to reevaluate all of their plans due to new OFSI mortgage stress test guidelines and higher borrowing costs.
As earlier headline numbers have masked underlying dynamics of housing market in Canada. Sale of detached properties has been plunged by 41% in February as compared to decline in condo sales by 31 that bucked the home price trend by rising home sales more than 10% over a year to $529,782.