Greater Toronto Area Report March 2019, Steve Moran, Remax
Toronto region home sales were flat in March from the same month a year earlier as buyers remained on the sidelines and available inventory fell.
Part of the lacklustre sales performance was due to a decline in the number of homes available for sale in the region. New listings fell 5.1 per cent compared with March, 2018, as many sellers continued to wait for more signs of activity before putting their homes up for sale.
The federal government's tougher mortgage stress-test rule is still affecting home buyers' ability to qualify for a mortgage, and is continuing to act as a drag on sales.
The average selling price for all home types was up 0.5 per cent from a year earlier to $788,335. Detached home prices fell 2.1 per cent from a year earlier to $984,782 while condo prices increased 1.6 per cent from a year earlier to $560,020.
Looking forward, I expect that sales for the balance of 2019 will closely follow sales activity in 2018 and sale prices will continue to move moderately higher.
I will be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.
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