M2m condos. House prices rose by another 13% that month! The latest figures from the Toronto real estate bureau (TRREB) on Sept. 3 show that housing supply in the greater Toronto area fell 43% in August from a year earlier, and home sales fell 20% from a year earlier.Please Visit: M2m condos to Get Your VVIP Registration Today!
House prices rose 13 per cent year-on-year to C $1.07 million and rose 2.4 per cent on a quarter-on-quarter basis, the biggest month-on-month increase since March.
The Real Estate Bureau believes that the number of housing listings has fallen to a surprising low in the past decade, indicating that housing supply has failed to keep up with demand. As the immigration policy is fully opened up again, the population of Toronto is sure to rise next year, and the market is likely to be more tense.
TRREB called on all parties to continue to pay attention to the housing problem and solve the problem of national housing supply and affordability as the Canadian general election approaches.
With the soaring cost of housing and living, people are increasingly dissatisfied, and more and more people believe that the frenzy of property speculation has caused house prices to get out of control. In order to reassure the people, Trudeau promised to ban foreigners from buying houses for two years after being elected.
The latest housing market report from the Toronto Real Estate Bureau shows that second-hand home sales in the Greater Toronto area slowed significantly in August compared with the frenzy earlier this year. However, the sharp decline in supply has led to a sharp rise in house prices.
“it is clear that the demand for home ownership remains strong, while the supply of housing has declined,” the Real Estate Bureau reported. ”
As a result, market conditions are tighter and competition among buyers continues to be fierce, causing house prices to rise at a year-on-year double-digit rate.
According to the Real Estate Bureau, a total of 8596 homes were sold in the Greater Toronto area in August, down 19.9% from 10738 in the same period last year and 8% from 9368 in July this year.
However, the number of new listings fell to 10609, down 43 per cent from 18599 in August last year and 15 per cent from 12551 in July.
“the fact that new housing is at the lowest level in the past decade is shocking,” KevinCrigger, president of the real estate bureau, said in a report. It is clear that the supply of housing cannot keep up with demand, and once immigrants start pouring into Canada again, the situation will become even worse. ”
He believes that nothing is more important than increasing the supply of housing if the government wants to improve housing affordability.