Upper west side condos oakville . Has the York housing market bottomed out? The real estate market in York has been very active in the past few years, but it has softened under the double whammy of the federal and provincial governments. Please Visit: Upper west side condos oakville to Get Your VVIP Registration Today!
According to the latest statistics of the Toronto Real Estate Bureau, the average number of days of listing of independent houses in the district has doubled compared with that of three years ago, and the listing time of properties sold in the town of Aurora is more than three times that of the past.
Penelope Graham, executive editor of the real estate website Zoocasa, said that the population of York, which is adjacent to the north of many cities, has increased sharply in recent years, and the regional government’s development plan expects the population of the area to increase from the current 1.1 million to 1.8 million by 2041, and the job market will provide an additional 900000 jobs.
Because of the convenience of commuting to Toronto, the real estate market in York has boomed in the past few years.
However, the federal government’s mortgage stress tests and the provincial fair housing program (Fair Housing Plan) have had a considerable impact on properties in York.
The reason is that the prices of many houses in the district are relatively high, and many luxury homes have sprung up. According to the Toronto Real Estate Bureau’s statistics in October, the average price of a detached house in York is 1163668 yuan, about the same as Toronto’s 1323015 yuan.
Overseas buyer tax and rent controls introduced by the provincial government in March 2017 have reduced home sales in Newmark by 30 per cent since April 2017, and transactions in Richmond Hill by 27 per cent. At present, independent houses in York are listed for an average of 32 days, compared with only 16 days in 2016.
GE Xian said that the number of days of listing is of course an important indicator of a market, but the current regulations allow sellers to cancel their listing at any time and wait for a period of time before they are re-released to the market with a new number and price.
Moreover, the long listing time may be due to the blocking of conditional transactions, or the owners are not satisfied with the price offered by the buyers, and the quick transaction may also be on the low side.
Real estate website analysis of Toronto Real Estate Bureau statistics found that Emperor Town has the longest listing days, an average of 79 days; Richmond Hill properties, listing time is almost three times as long; Aurora (Aurora) sold independent houses three years ago, the average number of days listed in York District is the shortest, only 11 days, the current 37 days, ranking third from the bottom of the nine towns.
The average opening time of properties in Mong City has also more than doubled to 25 days compared with 2016, but Toronto’s new subway extension has made the local property market very active.
Some real estate agents have pointed out that for areas with long listing days, if owners plan to stay in the area to exchange small houses for large houses, it is best to sell them first and buy them later.
In general, sellers should not only prepare various documents, especially properties with outstanding housing loans, but also make appropriate repairs to make the housing more prominent in the market.