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 Dad Disappointed In Sentences Given To 3 Who Killed His Son

    Calgary Dad Disappointed In Sentences Given To 3 Who Killed His Son
    CALGARY — The father of an 18-year-old man who was killed by a group of people in 2013 is unhappy with the sentencing of the three men convicted in the case.

    Calgary Dad Disappointed In Sentences Given To 3 Who Killed His Son

    Saskatoon Man Finally Cashes In On Lottery Win From Last Summer

    Saskatoon Man Finally Cashes In On Lottery Win From Last Summer
    SASKATOON — A Saskatoon man who traded in snacks for lottery tickets has picked up a $5 million cheque for being the sole winner of a Lotto 649 draw last summer

    Saskatoon Man Finally Cashes In On Lottery Win From Last Summer

    Justin Trudeau Says He May Not Wish Political Leadership On His Young Daughter

    Justin Trudeau Says He May Not Wish Political Leadership On His Young Daughter
    FREDERICTON — The prime minister says he may not encourage his young daughter to carry on the family tradition of political leadership.

    Justin Trudeau Says He May Not Wish Political Leadership On His Young Daughter

    Arson Suspected As Town's School, Hall, RCMP Office Burn: 'Everything Was Ablaze'

    Arson Suspected As Town's School, Hall, RCMP Office Burn: 'Everything Was Ablaze'
    RCMP Cpl. Trevor O'Keefe said calls started coming in at about 4:40 a.m. local time Tuesday that the town hall for Milltown-Head of Bay d'Espoir was on fire.

    Arson Suspected As Town's School, Hall, RCMP Office Burn: 'Everything Was Ablaze'

    Air Canada Resolves Computer Issue That Caused Problems, Flight Delays

    Air Canada says it has resolved a computer issue that caused problems at airports that resulted in some flight delays.

    Air Canada Resolves Computer Issue That Caused Problems, Flight Delays

    CMHC To Raise Mortgage Insurance Premiums For New Homebuyers As Of March 17

    CMHC To Raise Mortgage Insurance Premiums For New Homebuyers As Of March 17
    Canada Mortgage and Housing Corp. said Tuesday it doesn't anticipate the increases will have a major impact on new home owners.

    CMHC To Raise Mortgage Insurance Premiums For New Homebuyers As Of March 17