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(TREB), the Toronto real estate association, yesterday announced the transaction and price trend of the property market for the whole of last year, further witnessing its influence. Last year, the overall transaction volume of the property market fell 18.3% compared with 2016, with only more than 92000 transactions. However, the average house price rose instead of falling, rising by 12.7%, and the average property price exceeded 820000 yuan.
The Toronto Real Estate Chamber of Commerce yesterday released an analysis of the overall property market in the Greater Toronto area last year, pointing out that both the transaction volume and prices of the property market soared like a rocket in the first quarter of last year, but obviously since the launch of the “hot move”, both buyers and sellers have adopted a wait-and-see attitude. as a result, the property market suddenly quieted down in the second and third quarters, with turnover plummeting, but property prices remained high.
The Real Estate Association said that even if the Toronto property market rebounded in the fourth quarter of last year, and prospective home buyers knew that from January 1 this year, the federal government had tightened the mortgage stress test, so they decided to “get on the bus” at the end of last year before the measures were tightened. This led to a rise in the local property market in the last quarter of last year, but it was not of much help to the increase in property transactions throughout the year.
Some people in the industry believe that the new measures introduced by the provincial government in April last year focused on cracking down on overseas buyers who were seen as inflating local housing prices. however, the Canadian Bureau of Statistics confirmed that the proportion of overseas buyers was only about 5%, and the volume of housing transactions dropped because after the government introduced the policy, both buyers and sellers adopted a wait-and-see mentality and waited for each other to react.
The figures also point out that last year, the transaction volume of buildings in the Greater Toronto area only fell, but property prices rose instead of falling. The overall average property price last year was 822000 yuan, an increase of 12.7% over 2016. However, the figures also reflect the overall increase last year, mainly due to the hot rise in the first quarter of last year, followed by a decline in turnover in the second to four seasons. Although the average price of a building has risen, it is only a few hundred points per unit.
The Toronto Real Estate Association compares the housing transaction volume and prices in the city of Toronto and the surrounding area 905, which shows that the overall transaction figure of the 905 area last year is still higher than that in many cities. The number of transactions in the area was about 57200, compared with just over 35000 in Toronto last year. However, the average selling price of housing in many cities is still higher than that in 905. the average selling price of a flat in many cities is 834000 yuan, while the average selling price of a house in 905 district is about 815000 yuan.
Figures show that the transaction volume of buildings in the Greater Toronto area fell last year, and the transaction volume of all types of buildings decreased, of which the Toronto co-managed Pak Wen unit fell by only 7.5%. The average selling price of multi-city co-managed Pak Wen units is also the category with the highest increase among all types of building prices, with an average price of 545000 yuan, an increase of 23%.