Toronto: Home sales and prices rise in Toronto region for second straight month as buyers return to the market.
Elsewhere: PEI makes bold step to turn renters into buyers, vacancy is America's other housing crisis and the end of the global housing boom.
Selling prices climbed 4.8 per cent to $782,129 last month, up from $745,971 in the same period last year, for all types of homes in the region, according to the latest numbers from the Toronto Real Estate Board released Friday.
Buyers Return to Toronto’s Housing Market (Bloomberg)
“It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market,” said Jason Mercer, TREB’s director of market analysis, referring to government measures to cool demand.
There are fledgling signs of recovery in the Toronto region’s real estate market. But those have come too late for homebuyers like Abid Mirza and his fiancée, Sapna Singh, who bought a pre-construction home in Barrie at the height of the market in February 2017.
Prominent developer Julie Di Lorenzo resigned from the Waterfront Toronto board this week saying she does not believe the public corporation’s deal with Google sister company Sidewalk Labs “is in the best interest of the corporation and our country,” the Star has learned.
Greg Lipton, president of the P.E.I. Real Estate Association, says he sees the rationale for the program. "At least once a week, I'm talking to someone that says, 'yeah if I had the [required] down payment, I'd buy that house,'" he said.
August 3, 2018This Week In Real Estate |