Real Estate Board says GTA resale housing market still down
With 3,183 transactions to mid-month, sales in the GTA and in Toronto declined
14 per cent and 18 per cent respectively compared to the same timeframe a year
Its important to recognize that we have endured the snowiest winter
since 1939 and this has undoubtedly affected the market, said Ms. ONeill.
The storm that pounded the GTA during the second weekend of March likely
had more people focused on shoveling sidewalks than house hunting.
Despite moderate activity, the value of homes in our city continues to appreciate.
At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased
five and four per cent respectively compared to a year ago.
As well, some neighbourhoods experienced an increase in activity during the
first half of March.
At the North end of the Greater Toronto Area, Georgina (N17) experienced a
39 per cent increase in sales during the first half of March, driven mainly by
detached home transactions.
The Agincourt area of Scarborough (E07) experienced a 12 per cent overall increase
in sales compared to a year ago based primarily on strong condominium apartment
Toronto's Downtown core (C01) has also experienced healthy sales activity so
far this month, due to strong condominium apartment sales as well. Overall sales
in this area were up 11 per cent compared to a year ago.
Condominium apartments have weathered the winter best so far this year,
with 733 sales to date but we remain confident that once the snow has melted,
we will see a very active spring market overall, said Ms. ONeill.
The land transfer tax in Toronto concerns us and we continue to keep a watchful
eye on how this tax plays out in the market..
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