{"id":13104,"date":"2017-07-17T13:22:50","date_gmt":"2017-07-17T17:22:50","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=13104"},"modified":"2018-01-30T16:12:28","modified_gmt":"2018-01-30T21:12:28","slug":"greater-toronto-area-is-now-a-buyers-market-crea","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/greater-toronto-area-is-now-a-buyers-market-crea\/","title":{"rendered":"(INFOGRAPHICS) Greater Toronto Area Is Now a Buyer’s Market: CREA"},"content":{"rendered":"

The Greater Toronto Area\u2019s housing market is absorbing a considerable sales downturn, and it\u2019s causing significant drag on the rest of the nation, reports the June numbers from the Canadian Real Estate Association<\/a>.<\/p>\n

Sales across Canada fell 6.7 per cent from May, and a full 11.4 per cent year over year, CREA finds. And, while the national sales price rose 0.4 per cent to $504,458, it is the smallest monthly increase recorded in seven years.<\/p>\n

Sales were down in 70 per cent of all local markets, but it\u2019s the GTA that \u201coverwhelmingly\u201d led the decline, as well as the surrounding Greater Golden Horseshoe, despite upticks in Toronto condos<\/a> and Hamilton real estate<\/a>.<\/p>\n

\"CREA<\/p>\n

Price growth continued to be strong in British Columbia markets, up 7.9 per cent in Greater Vancouver, 13.9 per cent in the Fraser Valley, and over 20 per cent in red-hot Victoria.<\/p>\n

Despite slower sales, GTA saw prices were \u201cwell above year-ago levels\u201d at 25.3 per cent in Greater Toronto, 25.4 per cent in Guelph, and 17.4 per cent in Oakville-Milton. Ottawa and Montreal continue to be up and comers, with 5.2 per cent and 4.2 per cent growth, respectively.<\/p>\n

The prairie provinces continued to be weakest, with Calgary up just 0.6 per cent, and a 0.7 per cent decline in Regina, and -3.1 per cent in Saskatoon.<\/p>\n

Related Read: Was Your Down Payment a Good Investment?<\/a><\/strong><\/p>\n

New Rules and Higher Rates Will Be Felt by Buyers<\/h2>\n

CREA President Andrew Peck says buyers are clearly hesitating to enter the market, choosing instead to observe how changes from the Ontario Fair Housing Plan, and newly hiked interest rates<\/a>, will play out.<\/p>\n

\u201cCanadian economic and job growth have been improving, which is good news for housing demand. However, it also means that interest rates have begun to rise, which may impact home buyer confidence \u2013 particularly in pricier markets like Toronto and Vancouver, where recent housing policies had already moved potential buyers to the sidelines,\u201d he stated.<\/p>\n

He adds that in lower-priced markets with already balanced affordability, the impact will be less felt.<\/p>\n

CREA Chief Economist Gregory Klump also weighed in on market uncertainty, agreeing that higher borrowing costs will cause prospective buyers to hold off on making a move for now, regardless of entering the market for the first time, or upgrading their current housing. It may also lead them to take price cuts when listing their home for sale.<\/p>\n

\u201cThe recent increase in interest rates could re-inforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires,” he writes. “In the meantime, some move-up buyers who previously purchased a home before first selling may become motivated to reduce their asking price rather than carry two mortgages.\u201d<\/p>\n

GTA Now in \u201cBuyer\u2019s Market\u201d Territory<\/h2>\n

CREA also reports that the number of newly-listed homes declined considerably from the flood of new inventory experienced in April and May \u2013 but it wasn\u2019t enough to outpace slower sales. As a result, the national sales-to-new-listings ratio is ringing in at 52.8 per cent \u2013 well within balanced territory. However, that ratio has dipped below 40 per cent in the GTA and Barrie markets, signaling the first return to buyer conditions in recent memory. (A ratio between 40 and 60 per cent is considered balanced territory, with buyer\u2019s and seller\u2019s conditions below and above those thresholds, respectively.)<\/p>\n

However, in terms of months of inventory (the amount of time required to fully deplete housing supply), the Greater Golden Horseshoe remains the tightest market with 2.5 months (up from an all-time low of 0.8 per cent in March). The national average inventory is 5.1 months.<\/p>\n

Is Toronto Following Vancouver\u2019s Lead?<\/h2>\n

Those looking for insight into whether downward pressure on Toronto\u2019s market will continue may glean insights from Vancouver\u2019s trajectory over the past year. While supported by different demographics and economic factors, Vancouver also absorbed the impact of a foreign buyer tax last August, which caused an immediate tumble in sales \u2013 especially in the detached and luxury segments \u2013 and slight softening on prices.<\/p>\n

To illustrate the impact, Zoocasa has plotted the direction of the Vancouver and Toronto markets in the immediate aftermath following the implementation of both markets\u2019 respective foreign buyer taxes. While it remains to be seen whether Toronto will follow Vancouver\u2019s rebound trend, Toronto\u2019s 13.8-per-cent June decline mirrors that of the west coast city.<\/p>\n

\"Toronto<\/p>\n","protected":false},"excerpt":{"rendered":"

The Greater Toronto Area\u2019s housing market is absorbing a considerable sales downturn, and it\u2019s causing significant drag on the rest of the nation, reports the June numbers from the Canadian Real Estate Association. Sales across Canada fell 6.7 per cent from May, and a full 11.4 per cent year over year, CREA finds. And, while […]<\/p>\n","protected":false},"author":39,"featured_media":13189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,33],"tags":[],"class_list":["post-13104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news"],"yoast_head":"\nGreater Toronto Area Is Now a Buyer's Market | Zoocasa<\/title>\n<meta name=\"description\" content=\"The June numbers from the Canadian Real Estate Association find the Greater Toronto Area is now a buyer's market, as sales-to-new-listings ratios...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/greater-toronto-area-is-now-a-buyers-market-crea\/\" \/>\n<meta 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