GTA REALTORS® RELEASE MARCH STATS
For March as a whole, new listings were up by three per cent year-over-year to 14,424. However, similar to
sales, new listings dropped on a year-over-year basis during the second half of the month (beginning March
15) by 18.4 per cent.
TORONTO, ONTARIO, April 3, 2020 - Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 - up by 12.3 per cent compared to 7,132 sales reported in March 2019.
However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID-19 and post-COVID-19 periods. For the purposes of this release, the start of the post-COVID-19 period was the week beginning Sunday, March 15.
- The overall March sales result was clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58 per cent of total transactions and representing a 49 per cent increase compared to the first 14 days of March 2019.
- There were 3,369 sales reported during the post-COVID-period - down by 15.9 per cent compared to the same period in March 2019.
The MLS® Home Price Index Composite Benchmark price was up by 11.1 per cent year-over-year in March 2020. The average selling price for March 2020 as a whole was $902,680 - up 14.5 per cent compared to March 2019. The average selling price for sales reported between March 15 and March 31, was $862,563 - down from the first half of March 2020, but still up by 10.5 per cent compared to the same period last year.
Source:Toronto Real Estate Board
New Down Payment Requirement Starting Feb. 15, 2016TORONTO, December 12, 2015 – Finance Minister Bill Morneau on Feb.11, 2015 announced changes to the rules for government-backed mortgage insurance to contain risks in the housing market, reduce taxpayer exposure and support long-term stability. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum down payment for properties up to $500,000 remains unchanged.
See below my graphics on the changes and my impact assessment on the housing market.
Source: Government of Canada Takes Action to Maintain a Healthy, Competitive and Stable Housing Market
No Ontario communities outside Toronto to have land transfer taxTORONTO, December 1, 2015 - There will be no extension of Municipal land transfer tax beyond Toronto. Toronto has been charging municipal land transfer tax on top provincial land transfer tax. The Ontario Real Estate Association was arguing against the additional land transfer tax and as a result this and other consultations by the Municipal Affairs Minister Ted McMeekin, he has decided not to extend the municipal land transfer tax beyond Toronto.
New index to measure the trend in house prices
February 8, 2012 - Canadian Real Estate Association (CREA) and five other major real estate boards
including Toronto Real Estate Board have developed a new index to measure the trend in house prices
and inflation in the housing market. There are a number of indices under MLS® HPI indices.
This is similar to Consumer Price Index (CPI) that is a measure of consumer price inflation.
Read more ...
