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Frank Reyhani
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Keller Williams Realty Centres, Brokerage

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Sales Drop, Inventory Rises: Will it be a Game Changer?
Wednesday, 21 June 2017, 11:20:00 AM
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Market has been changed!!!
Wednesday, 14 June 2017, 11:30:00 AM

   It’s been some time since buyers could celebrate an increase in inventory in the GTA housing market, but, as April’s results indicate, that time may be now. Results from the Toronto Real Estate Board (TREB) indicate a strong growth in new listings in April – up 33.6% from the same period in 2016, and a big jump from March 2017 listings, which increased by 15.2%. This meant that 21,630 almost exclusively low-rise properties were available to buyers, who suddenly had more options than they had previously. Year-over-year home sales dropped 3.2% to 11,630 in April, in part because of where Easter holidays fell this year, according to TREB. Sales of all house types were in negative territory with the exception of condo apartments, which showed single digit increases. Prices continued to rise last month, but not to the same extent as in March 2017. The average selling price in April was $920,791, up 24.5% year-over-year. By comparison, the average price in March 2017 increased by 33.2% to $916,567. It may be premature to attribute April’s results to provincial government measures announced in the recently tabled budget. But a cooling of housing markets in the GTA and nearby cities may soon result. And, while TREB expects pent up demand will continue to push up prices into the summer, the increase in April new listings is nevertheless a positive sign: Might a balanced market be in the offing?

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