Since the Ontario Fair Housing Plan was implemented, everyone has been talking about the real estate market. Has the market changed? how significant are the changes?
Based on TREB stats from April 2017, we're see that the number of homes listed has gone up significantly. This would naturally mean more supply in the market but note that TREB counts listings as an activity not as a single. So in some cases when homes are listed and not sold, most commonly, in an offer date situation, they are re-listed. This results in one home effectively counting as two listings which can skew total listing numbers.
In addition to more listings on the market, we also see that the number of sales have gone down. This is most notable on semi-detached homes and townhomes. Detached sales also saw a single-digit drop but interestingly condos have been the only home type to see an increase in the volume of sales.This is also the case with new condos which have seen strong sales recently.With all this talk about the market cooling down, you wouldn't think that condos saw a 32% jump in average sales price in April. The overall average price of homes in the GTA was up 24% from last year which compared to a 16% average in 2016 is still significantly positive. With supply up, prices up and sales down on low-rise homes it definitely helps balance things out in the market.