While demand for home ownership in the GTA saw 7,374 homes sold, a slight increase, it has dropped 13.3 per cent if one goes back to the same time in 2016.
The Toronto Real Estate Board says the average sales price in the GTA for all home types last month was $761,757, down by two per cent compared to November 2016, due in large part to a smaller share of detached home sales versus last year.
Another finding that may have to do with another report about boomers helping their children buy homes, millennials are still in the market actively buying or looking to buy homes.
High density home types seem to be a continuing trend going forward and is possibly here to stay. Condos are still leading the way in terms of price growth, rising 16.4 per cent to $516,965 compared to November 2016.
The average price of a detached home was down 5.8 per cent at $996,527 while the average prices for semi-detached homes and townhouses were up 1.2 per cent and 4.8 per cent respectively.
Changes to mortgage lending guidelines, coming into effect in January have probably spurred on many families to bite the bullet and buy that house or condo.
The new stress test ensures mortgage seekers are in a position to make payments even when interest rates rise. This is possibly the wisest move given that it is no more a matter of if interest rates rise within the next couple of years but when, period.
It should also be noted that the Bank of Canada has raised interest rates twice in recent months. – CINEWS