The real estate roller coster continues in the GTA, as listings soared while home prices dropped last month, according to the Toronto Real Estate Board (TREB.)
As the year comes to its end, more homes were in the market last month, breaking the regular seasonal trend. TREB reports that home sales in the GTA were down by 13.3% compared to November of last year.
Meanwhile, new listings were up 37.2% from last November, when TREB said the supply of listings was very low from a historic perspective.
“We have seen an uptick in demand for ownership housing in the GTA this fall, over and above the regular seasonal trend,” said TREB president Tim Syrianos. “Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane.”
“On top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January, have prompted some households to speed up their home buying decision,” said Syrianos.
As listings went up, the average selling price for all home types combined in the GTA was down by 2% compared to last year, which TREB attributes to less detached home sales versus 2016. The average is now $761,757 in the GTA, compared to last year’s $777,091.
But in Toronto, the average price for a home did rise slightly and is now $802,220.
So while it is some good news for real estate in the GTA, the City of Toronto’s market continues to climb.