The Toronto Real Estate Board reported 7,187 residential sales in March 2019. This result was inline with 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by 1% compared to Q1 2018.
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 Toronto also remains a problem.
The MLS® Home Price Index Composite Benchmark was up by 2.6% year-over-year in March, while the average price for March sales was up by a lesser annual rate of 0.5% to $788,335. The average selling price for Q1 2019 was up by 1.1% year-over-year.
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 Toronto, we continue to see competition between buyers for available listings, which provides a level of support for home prices.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at email@example.com
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