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Not only did house prices not fall in Toronto in May, they actually rose 3% from a year earlier, and home sales were up from April.
The number of home listings in the greater Toronto area plunged 53.1 per cent in May from a year earlier, and home sales fell 54 per cent from a year earlier, according to data from the Toronto Real Estate Bureau (TRREB) on Wednesday.
However, the decline is a big improvement from the 67.1 per cent year-on-year decline in April.
In May, the number of houses listed in most districts increased by 47.5% compared with April, and the average selling price of all kinds of houses was 860000 3599 yuan, up 4.6% from the previous month.
The benchmark price of housing (the price comparison standard for similar housing) increased by 9.4% compared with the same period last year, basically unchanged from the previous month. The Real Estate Bureau believes that house prices have not changed month-on-month because sales of independent houses in Toronto have shrunk sharply compared with most districts.
Jason Mercer, chief market analyst at the Real Estate Bureau, said that last month’s housing sales continued to keep pace with the number of listings, indicating that the market is balanced. During the gradual resumption of the economy in many areas, if this trend continues, house prices are expected to continue to grow moderately in the spring and summer this year.
At the beginning of the year, when the Toronto property market was hot, many people feared a comeback in 2016, when the real estate bureau expected prices to rise by about 10% this year.
Later, the outbreak hit the housing market, and the Canadian mortgage and housing company (CMHC) predicted that under the impact of the epidemic, national house prices could fall by 918% due to the economic recession, and the housing market is not expected to begin to recover until the end of 2022.
However, the latest data from the Real Estate Bureau show that the average price of independent houses in many cities rose 2.7 per cent to 1.42 million yuan last month, while the average price of independent houses in most districts fell slightly by 0.9 per cent to 1.03 million yuan.
Condo prices continued to rise, rising 6 per cent to 620000 5445 yuan in the region and 5 per cent to 670000 4028 yuan in Toronto.
Data from the Real Estate Bureau also confirmed some earlier reports that rental demand fell during the outbreak and that many short-term apartments were rented for longer, leading to a drop in condominium rents.
Last month, the rent of an one-bedroom apartment fell 5.1% from a year earlier to 2086 yuan, while the number of rental contracts fell 30.8%. The rental of a two-bedroom apartment fell 5.6% to 2740 yuan, and the number of rental contracts plummeted by 26.7%.
Still, like home sales, the rental market began to pick up last month compared with April, with the number of condominium rental contracts almost doubling from April.