New townhomes toronto . The seller’s eagerness to sell increased by 16%. The buyer waited for the bottom deal to fall by nearly 40%. The surge in sales in the housing market in the greater Toronto area over the past decade appears to have been due to a “soft landing” due to provincial cooling measures in late April.
According to the latest figures from the Toronto Real Estate Association (Toronto Real Estate Board,TREB), home sales in the Greater Toronto area recorded only 7974 transactions in June, down 37.3% from June last year, while the number of sales rose nearly 16% to 19614, indicating the “buyer wait-and-see, seller-seeking” mentality in the market. People in the industry believe that the cooling of the market from being on the verge of getting out of control is a return to healthy and normal development. According to the analysis of economists, at present, many districts have become a buyer-led market.
Since the provincial government introduced 16 measures to cool the property market, property sales in the Greater Toronto area have continued to decline. June is traditionally the peak season of the property market, but the latest release by TREB points out that the number of property sales in the Greater Toronto area last month was 7974, a sharp drop of 37.3% from the same period last year.
Even though the data show that the average transaction value of houses in most districts was 793915 yuan in June this year, up 6.3% from June last year, but down about 8% from the average transaction price in May this year, which has fallen for two consecutive months from the peak in April, TREB estimates that prices this year will still be 13-18% higher than last year.
At a time when prospective home buyers are holding a wait-and-see attitude, sellers who hold residential properties actively test the market response. TREB said that last month, the MLS system showed that a total of 19614 buildings were released for sale, an increase of 15.9% over the same period last year, indicating that sellers hope to “ship” as soon as possible before the property market slumps seriously.
However, TREB also cited surveys conducted by prospective buyers and prospective sellers in late May that 35% of those who were interested in buying a house planned to buy a home in the coming year, and 40% of them were first-time buyers, but 10% of the respondents said they might not buy a home in the near future because they wanted to observe the impact of the provincial government’s measures on the market, which showed that buyers who wanted to buy a house had a strong “wait-and-see” flavor.
From the seller’s point of view, the survey pointed out that 30% of the owners of residential properties in the Greater Toronto area intend to put their properties for sale in the coming year, and 15% of the interviewed owners make no secret of their intention to release the property market, which is related to the introduction of measures to cool the property market in Ontario; nearly 80% of the owners who want to sell their properties describe the purchase of their properties as preparations for the purchase of another property, indicating that many sellers are also buyers.
