Vincent Condos . Home sales are down nearly 40% from last year. Home sales in the greater Toronto area fell 39.5% in March compared with the same period last year, according to (Toronto Real Estate Board,TREB, the Toronto real estate association.Please Visit: Vincent Condos to Get Your VVIP Registration Today!
The number of homes sold through MLS last month was 7228, compared with 11954 in March 2017.
Last month, the average price of housing sales also fell to 784558 yuan, compared with 915126 yuan in the same period last year. In Toronto alone, the average house price fell to more than 810000, down nearly 90, 000 yuan from nearly 900000 yuan in the same period last year.
But apartment prices rose, with apartment prices in the greater Toronto area rising 6.1% in March from the same period last year to an average of more than 550000 yuan. Apartments in Toronto rose even higher, rising 7.1% in March compared with the same period last year, reaching an average of more than 590000 yuan.
The Real Estate Association believes that the increase in borrowing costs has deterred some buyers, but believes that home sales will rise in the second half of this year.
The pre-tax profit of Canadian non-residential buildings will increase by 8% this year, to 2.3 billion yuan. In addition, residential buildings increased by 4.9% last year and will decline by 0.3% this year.
Under the influence of the bank’s new home loan policy and the possible rise in interest rates, the spending power of buyers will fall from 5.8 per cent last year to 3.4 per cent this year. It will be reduced by 3.0% in 2019, 4.3% in Toronto and 6.5% in Vancouver. As for residential renovation and renovation, the growth rate dropped from 4.5% in 2017 to 1.8% this year.
Michael Burt, president of the Industrial Economic trend Forecast of the Council, said that as the new housing mortgage lending policy and interest rate trends in Canada affect Canadians’ willingness to buy new houses and renovate or decorate their homes, the number of new buildings will be reduced this year. The industry expects construction of non-residential buildings to rebound this year, but investment is lower than it was at its peak in 2014.
The conference bureau expects new housing construction to fall by 2.9% in 2018, 4.3% in Toronto and 6.5% in Vancouver. After two years of decline, the prices of new homes will continue to fall next year. The Council also pointed out that the construction of non-residential buildings in Canada will rebound in 2018, but the investment volume and desire are not strong, and it is estimated that the increase will not be too large.