Toronto Homes Sales for the month of July 2017 are lower by 40% from the year prior. Reported by TREB. Comments made by Allen Mayer, Toronto Real Estate Broker. If Toronto Homes are lower from the year prior this may affect the Toronto Commercial Real Estate sector as well.
Sales reported in the TREB MLS System for July 2017 were down by just over 40% on a year-over-year basis. The average selling price for all home types combined was up by 5% compared to July 2016. The number of new listings rose by 5.1% while active listings were up significantly from July 2016, benefiting buyers with more choice in the market, at least for the short term based on current pace of sales activity.
Three levels of government have introduced housing regulations since October 2016, seen as necessary to cool prices . This has result ed in some buyers facing greater affordability constraints, while others have adopted a “wait and see” psychology, similar to what was experienced in the Vancouver market after new regulations were introduced last year, both of which have impacted sales activity over the past several months.
This may have an impact on the Commercial Side of Real Estate in the Toronto GTA area.