A record was made when about 13,000 homes were sold in Toronto’s real estate market, which turned out to be the most houses sold in the previous month. It has resulted in a growth in competitive buyers in the industry who have increased their prices. In the month of April and May, the home price index was said to be the same as it rose to 15 percent in 2015. The whole of GTA had an average price of $734,924, whereas the normal sale price in Toronto was $782,051.
According to the association, houses in the diverse listing service that were sold amounted to 12,870 in total in the month of May. From this sale, houses in the neighbouring and urban area were also part of the sale list. There seems to be a positive turnout of buyers with no scarcity at all. The total figure of the homes sold amounted to 4,638 in the city and 8,232 in the surrounding vicinity. The fear at the moment is the increased prices on houses due to lack of listings.
The percentage of listing in GTA seems to have gone down compared to last year May. The overall number for May 2016 was 17,412 whereas, in May 2015, it was 18,611. Jason Mercer made a contribution by saying “widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year.” Detached houses in Toronto could have been bought for $1.28 million in the May, which is a huge difference of 15.2 percent compared to last year.
Jason Mercer made a contribution by saying “widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year.” Detached houses in Toronto could have been bought for $1.28 million in the May, which is a huge difference of 15.2 percent compared to last year.
A strict warning has been passed across from OECD organisation in Paris with regards to the monthly statistics of the real estate association, informing Ottawa to do something and have the price of houses in Toronto and Vancouver levelled down to diminish the consequences that come with it. It seems that Toronto and Vancouver (which took up one-third of Canada’s real estate market) was not new to this, and had had the OECD on their back to take action on levelling high house prices before in December. After that occurred, the Minister of Finance, Bill Morneau took the matter into his own hands concerning the Toronto and Vancouver real estate markets and made the least down payment of every house on sale to be $500,000. No more than that.
Potential buyers will have to pay 10 per cent of any house they are purchasing as of February, which must be above $500,000. Buyers can still be allowed to pay 5% extra to add up on the $500,000 for the purchase of the house.