REAL ESTATE MARKET TIDBITS IN THE GTA – DID YOU KNOW?

“The current real estate market for existing single-detached homes continues to be the hottest of all segments.  Demand is being impeded by lack of homes for sale on the market, leading to bidding wars and double-digit price growth.”  Derek Burleton, VP & Deputy Chief Economist, TD.

Resale home prices in the GTA have increased by 9% year-over-year.  We expect to see a more conservative price growth if a more balanced market emerges.  The spring market has experienced a very slow start, particularly in rural areas of the GTA.  We believe the harsh winter is a significant reason why sellers are delaying their decision to list their home on the market.  We expect to see a flurry of activity in new listings in the next two to three weeks.

Government intervention to the mortgage qualification rules may also cool the current housing market slightly.  Discussions are underway within the banking sector in this regard.