For most people the New Year starts January 1st, but for some others, teachers and realtors included, the day after Labour Day everything starts new on that day. We are heading to the start of the fall market and there seems to be quite a buzz about all the new listings ready to hit the market. Houses for sale in prime Toronto neighbourhoods are scarce these days. After a quick uptick in listings and activity the market has backed off to traditional summer levels. Agents are telling their sellers to wait until after the labour day weekend to list.
So, the battle is over and the Toronto Real Estate Board's request to appeal a dispute with the Competition Bureau has been declined by the Supreme Court of Canada. TREB has maintained that releasing the previous sold prices violates client privacy and its own copyright over the information. TREB will have 60 days to conform. TREB believes personal information of home buyers and sellers must continue to be safely used and disclosed in a manner that respects privacy interests and will be studying the required next steps. "By removing TREB's anticompetitive restrictions, home buyers and sellers in the GTA will now have greater access to information and innovative real estate services when making one of the most significant financial decisions of their lives." Commissioner Matthew Boswell.
Boom or bust? Where is the real estate market headed? Vancouver had it's lowest July sales since 2000. In Toronto, seasonally adjusted sales and prices climbed higher in contrast. For those of us expecting to stay in our homes for the long term - the absolute price now doesn't really matter, but knowing a home nearby goes for a great price makes us feel better. For those who recently bought, they have a bigger stake because the mortgage represents a big chunk of their house and rising rates and falling home prices could mean disaster. There is no current sign of a bubble popping. We might have weak sales, but prices continue to recover from last year's slump. The problem is housing supply!
Boom or bust? Where is the real estate market headed? Vancouver had it's lowest July sales since 2000. In Toronto, seasonally adjusted sales and prices climbed higher in contrast. For those of us expecting to stay in our homes for the long term - the absolute price now doesn't really matter, but knowing a home nearby goes for a great price makes us feel better. For those who recently bought, they have a bigger stake because the mortgage represents a big chunk of their house and rising rates and falling home prices could mean disaster. There is no current sign of a bubble popping. We might have weak sales, but prices continue to recover from last year's slump. The problem is housing supply!
The dog days of August are upon us, but great news for the Toronto Real Estate market. The average sale price for the City of Toronto in July was $824,336, up 8% compared to July of last year which was $759,441. The positive results over the last two months are very encouraging. Toronto's housing market seems to be stabilizing from the federal government's tighter mortgage rules that came into effect in January. The scarcity of listings helps to keep prices firm. Buyers who were cautious are feeling a little more confident the market does not have further to fall. With all this encouraging good news it looks like we could be trending toward positive territory for the second half of 2018!