Close X
Monday, November 25, 2024
ADVT 
National

Lack Of Homes On The Market To Drive Toronto Real Estate Prices, Realtors Say

The Canadian Press, 31 Jan, 2017 12:17 PM
    TORONTO — A lack of homes for sale is expected to drive Toronto's sizzling housing market to another year of double-digit price increases, the city's real estate board said Tuesday.
     
    The Toronto Real Estate Board said the average price for all types of housing is forecast to rise to about $825,000 — up from $730,472 in December and $729,922 for the 2016 calendar year.
     
    The largest year-over-year price increases will be for low-rise types of housing such as detached and semi-detached homes and townhouses, said the board, which represents about 46,000 real estate brokers and salespersons.
     
    "While changes to federal mortgage lending guidelines and higher borrowing costs may impact some would-be homebuyers, the big impediment will be the lack of inventory," Jason Mercer, the board's director of market analysis, said in a statement.
     
    The number of listings at the end of December were at their lowest since before 2000, Mercer said.
     
    "It is unlikely that the shortage of listings will improve to any great degree over the course of the next year," he said. "This will put a ceiling on sales growth."
     
     
    The board estimates there will be between 104,500 and 115,500 home sales this year through its MLS system — more or less similar to the 113,133 recorded last year.
     
    The group is repeating its call for the private, public and not-for-profit sectors to seek solutions to increase the supply of properties for sale in the Toronto region rather than attempt to reduce demand from would-be buyers.
     
    It said a foreign buyers' tax, which some called for to rein in Toronto house prices after such a levy was implemented in Vancouver, would be misguided. It pointed to a survey it conducted among its members late last year that concluded 4.9 per cent of transactions in the Greater Toronto Area involved foreigners.
     
    After a tax on foreign nationals buying property in Vancouver was introduced in August, the city saw a whopping drop in the number of homes sold — in some cases, monthly sales fell between 30 to nearly 40 per cent on a year-over-year basis.
     

    MORE National ARTICLES

    Calgary Stepmom Convicted In Beating Death Of Girl, 6, Appeals To Supreme Court

    Calgary Stepmom Convicted In Beating Death Of Girl, 6,  Appeals To Supreme Court
    CALGARY — A Calgary woman serving a life sentence for murdering her six-year-old stepdaughter, Meika Jordan, is appealing to the Supreme Court of Canada.

    Calgary Stepmom Convicted In Beating Death Of Girl, 6, Appeals To Supreme Court

    Car Stolen In Newfoundland And Returned To Scene Of Crime A Day Later

    ST. JOHN'S, N.L. — Police in Newfoundland are scratching their heads after a pizza delivery man's car was stolen from a St. John's street — and returned to the scene of the crime a day later.

    Car Stolen In Newfoundland And Returned To Scene Of Crime A Day Later

    Quebec Politician Pierre Paradis Suffers Concussion After Falling Off Horse

    Quebec Agriculture Minister Pierre Paradis is stepping away from his cabinet duties temporarily after falling off a horse and suffering a concussion.

    Quebec Politician Pierre Paradis Suffers Concussion After Falling Off Horse

    Strong Evidence Of Problematic Conditions Persists In Real Estate Market: CMHC

    Strong Evidence Of Problematic Conditions Persists In Real Estate Market: CMHC
    Canada's federal housing agency says strong evidence of problematic conditions continues to exist in the national housing market.

    Strong Evidence Of Problematic Conditions Persists In Real Estate Market: CMHC

    Panel Calls For More Officers On Toronto Streets; Hiring Freeze

    A task force delving into the Toronto police service is recommending a hiring freeze and more officers walking the streets.

    Panel Calls For More Officers On Toronto Streets; Hiring Freeze

    $400m Fund, Tax Changes, Local News Service Urged To Help Restore Canada's Media

    $400m Fund, Tax Changes, Local News Service Urged To Help Restore Canada's Media
    OTTAWA — A major new report is calling for dramatic changes to help shore up Canada's news industry as it faces a massive decline in revenues and a growing "fake news" problem.

    $400m Fund, Tax Changes, Local News Service Urged To Help Restore Canada's Media