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Week In Review: Home Sales Down in 2017 + TREB Blames the Government

 Realosophy Team in Media RoundupToronto Real Estate News

Photo Credit: The Globe and Mail

All you need to know regarding the housing market in Toronto, Canada and abroad.

This week in Toronto: Home sales were down in 2017 compared to 2016 and the TREB blames the government for the drop as lending tightens. 

Elsewhere: Stress tests to make an impact on the Canadian housing market, how Seattle has changed massively in the last 10 years and UK social housing deal sparks fears for tenants. 

Toronto

Toronto 2017 home sales down from 2016, average price up (Toronto Star)

Home prices in the Toronto region continued their descent in December – however prices on everything from tiny condos to detached homes with backyards were still higher on average last year than they were in red-hot 2016, says the Toronto Real Estate Board.

Toronto Real Estate Board Blames Government For 18% Drop In Sales (Huffington Post)

“Research from TREB, the provincial government and Statistics Canada showed that foreign home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing Plan, which included a foreign buyer tax, had a marked psychological impact on the marketplace.”

Toronto Home Prices Fall for Seventh Month as Lending Tightens (Bloomberg)

Toronto’s housing market has fallen over the past few months as the government has tried to curb demand that had driven prices to record highs with harsher mortgage guidelines and regulations. That’s coincided with an increase in supply of new listings in the latter half of the year, resulting in slower price growth, the real estate board said.

How restrictive contracts and bigotry lingered in Toronto real estate (The Star)

There was one wrinkle, however: when WEA officials purchased the property, they discovered an unwelcome surprise on the deed: a so-called “restrictive covenant” preventing the land from being sold to “Jews or persons of objectionable nationality.”

Canada

Stress tests, foreign buyers and higher rates likely to impact housing market in 2018 (CBC)

 
USA
 

The past decade also saw Seattle and the Puget Sound region solidify its place as one of the most economically potent spots in North America, with headquarters of two of the five Big Tech giants and a varied set of other assets. A diverse world city facing Asia for the Asian Century.

Subway Stop and Housing for Red Hook Are Among Cuomo Proposals (NY Times)

By the end of 2017, the value of homes in the United States reached $31.8 trillion, but as homeowners saw their home values climb to the highest they’ve ever been this year, affordability suffered and homelessness worsened in American cities. Housing became an even bigger concern in 2017 when American cities were hit by hurricanes and fires.

Realosophy Realty Inc. Brokerage is an innovative residential real estate brokerage in Toronto. A leader in real estate analytics and pro-consumer advice, Realosophy helps clients make better decisions when buying or selling a home. Email Realosophy

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