Friday , December 4 2020

GTA home sales fall 16 percent in the middle of higher interest rates

The Canadian press

Released Friday, January 4, 2019, 5:20 AM EST

Last updated Friday, January 4, 2019 at. 7:11 AM EST

TORONTO – The number of homes sold in Toronto and the surrounding area fell in 2018 along with the number of new listings that hit the market, as homebuyers and sellers were hit by a new reality with higher interest rates and stricter mortgage rules.

The Toronto Real Estate Agency says there were 77,426 home transactions registered through its multilateral trading system (MLS) last year, down 16.1 percent from 92,263 sales in 2017.

The board also says that the total number of new lists was also lower, which reduced 12.7 percent to 155,823 in 2018.

Meanwhile, the average selling price of all property types in the Greater Toronto area fell by 4.3 percent to $ 787,300.

TREB, representing more than 52,000 real estate agents across the region, says sales in December fell 22.5 percent to 3.781, down from 4.876 in the same month the year before.

The average selling price in December rose slightly by 2.1%. For $ 750,180 from $ 734,847 compared to December 2017.

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