Yonge park plaza . Property market sales in many districts rebounded! It is still down from the same period last year. Housing loan requirements affect the affordability of buyers, leading to an increase in demand for flats in multi-storey co-managed buildings.
The real estate market in the Greater Toronto area rebounded slightly. Zoocasa, a housing trading website, analyzed (TREB) data from the Toronto Real Estate Association and found that although the transaction volume of all types of houses in mid-March was 30% to 49% lower than that of the same period last year, the volume of transactions increased by 30% to 60% compared with the same period in February this year.
According to the report, the inventory of multi-storey co-managed buildings and semi-detached houses fell by 4% and 10% respectively, slightly reducing the choice of buyers, but the number of listings of detached houses and town houses increased by 2% and 8% respectively.
The ratio of sales to new offerings in the Greater Toronto area is 47, which continues to maintain a balanced market situation, while the ratio in the city of Toronto is 62, slightly biased towards the seller market. A ratio of sales to new offerings between 40 and 60 is considered a balanced market.
The federal government’s new rules on home loans have affected the affordability of many buyers, prompting a rise in demand for units in multi-storey condominium buildings since the beginning of the year. Condo turnover in the Greater Toronto area and the city of Toronto fell 30 per cent and 32 per cent respectively compared with the same period last year, but increased by 35 per cent and 38 per cent respectively compared with mid-February this year. However, as supply also increased by more than 30 per cent, the market remained stable.
Statistics show that due to the great difference between supply and demand, town houses are no longer a buyer’s market. Sales of town houses in mid-March plunged 35% from the same period last year, but soared 67% compared with the same period in February this year. Although the number of offerings has increased, the market is tight and has shifted from a buyer’s market to a balanced market.
Reinham (Penelope Graham), executive editor of Zoocasa, said that although the ratio of sales to new listings of detached houses in the greater Toronto area was as low as 30, which was a buyer’s market, the ratio of sales to new offerings in Toronto had returned to a balanced market of 42.
Moreover, demand for independent houses in the greater Toronto area and the city of Toronto began to pick up, with turnover rising 48% and 44% respectively in mid-March. The listing of detached houses in the greater Toronto area increased by 44%, but the supply in the city of Toronto increased by only 26%. ‘The semi-detached houses in multiple cities are still the seller’s market, ‘she said. Sales of semi-detached houses are down nearly 40 per cent from last year, but the number of listings in the greater Toronto area and the city of Toronto also fell by 10 per cent and 18 per cent, respectively, slightly offsetting the decline in sales. Trading volume in mid-March increased by 37% and 64% respectively compared with the same period in February.