Mississauga Faced With A Down Fall In Home Sales
Recent reports coming from the Canadian Real Estate Association (CREA) shows that there’s been a whopping decline in the sales of homes during the month of May. However, based on reported statistics, this sudden decline came after some sort of improvement on home sales was recorded during the later part of 2016 and the early part of 2017.
Apparently, the sales of newly listed homes have climbed up averagely at a range of 0.3 percent since April, yet, it doesn’t change the fact that the price of house sales are still pummeling across the globe up to a 17.9 percent value year over year.
CREA also reported that since August 2012, this 6.2 percent decline is the highest they have ever faced.
During this period of decline, Oakville, Hamilton-Burlington, barrie and other Greater Toronto/Golden Horseshoe regions summed up to about 25.3 percent decline month over month in almost half their local markets, yet, somehow along this fuss, Montreal and Quebec city haven’t faced any depreciation in their activity level.
According to CREA, Ontario’s housing policy alteration such as foreign buyer’s tax is actually one of the major reasons why there is such a decline as it affects potential sales and speculators. When the policy was passed on, it caused GTA to face more balanced sales and listing, yet, Vancouver faced a simultaneous step up in its demand and supply balancing.
Gregory Klump, CREA’s chief economist went further to state over the first month, the housing sales drifted from the level of a sellers region to the level of a balanced market region, and this hasn’t happened since sometime in 2015, I mean, a shift from 60.2 percent in April down to 56.3 percent in May could only mean one thing, gradual progress.
Maintaining a sales to new listings ratio between 40 and 60 is something very frequent with balanced market conditions.
Although, the Greater Toronto areas and the Greater Golden Horseshoe areas are still faced with low housing supply, yet it could only get better for them on a long run if the market shifts moving forward works in their favor.
