{"id":16396,"date":"2019-04-03T11:56:17","date_gmt":"2019-04-03T15:56:17","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=16396"},"modified":"2019-04-03T12:16:07","modified_gmt":"2019-04-03T16:16:07","slug":"treb-march-2019","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/treb-march-2019\/","title":{"rendered":"Spring Market Off to a Stable Start: March TREB Report"},"content":{"rendered":"\n


Early spring home sales are proving to be flat, if stable, in the Greater Toronto Area \u2013 according to the latest data released by the Toronto Real Estate Board<\/a> (TREB), March sales are nearly identical to activity during the time last year, with 7,187 homes changing hands, compared to 7,188 in 2018. For the first quarter of 2019 as a whole, sales are down -1%.<\/p>\n\n\n\n

Average home prices have also kept an even keel, up 0.5% year over year to $788,335, while the benchmark rose 2.6% indicating a slight uptick in the value of homes sold. Average home prices skewed slightly higher in the City of Toronto proper at $830,043 (+1.5%), while the 905 markets saw price small gains of 2.6% to $765,469, reflecting a 5.3% pickup in sales, compared to a -8.5% slowdown in the 416.<\/p>\n\n\n\n

Too Few Homes to Choose From<\/h2>\n\n\n\n

However, the market as a whole continues to be defined by a lack of new home listings which fell -5.1% throughout the GTA. This continues to put pressure on buyers and keep market conditions on the tighter end of balanced; the sales-to-new listings ratio for all markets tracked by TREB is 51%, with conditions steeper in the 416 at 56%, and slightly softer in the 905 at 49%. This ratio, which measures the level of competition in the market, is calculated by dividing the number of sales by the number of new listings over the course of the month. A ratio between 40 \u2013 50% is considered balanced, with above and below that threshold indicating sellers\u2019 and buyers\u2019 markets, respectively.<\/p>\n\n\n\n

Mortgage Borrowers Continue to be Stressed by Test<\/h2>TREB continues to point to the cooling effect of the national stress test as the impetus behind slowing sales activity, as well as municipal policies that stifle the development of gentle density housing such as townhomes, rather than the influx of Toronto condos<\/a> that have clustered neighbourhoods with development-friendly zoning. Currently, large chunks of the city are deemed to be within the \u201cyellow belt\u201d, zoned only for single-family Toronto houses<\/a>. <\/p>\n\n\n\n

\u201cThe OSFI stress test continues to impact home buyers\u2019 ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be reviewed,\u201d said TREB President Garry Bhaura.<\/p>\n\n\n\n

\u201cThe supply of listings in the GTA also remains a problem,\u201d he adds. \u201cBringing a greater diversity of ownership and rental housing online, including \u2018missing middle\u2019 home types, should be a priority of all levels of government.\u201d<\/p>\n\n\n\n

Jason Mercer, TREB\u2019s chief market analys, says that despite slower sales activity, buyers continue to feel the heat, especially in some of the 416\u2019s most competitive neighbourhoods, due the lack of inventory coming to market.<\/p>\n\n\n\n

\u201cMarket conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded,\u201d he stated. \u201cThis means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices.\u201d<\/p>\n\n\n\n

Check out how home prices have changed year over year in March in the 416 and GTA, in the infographic below:<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"

Early spring home sales are proving to be flat, if stable, in the Greater Toronto Area \u2013 according to the latest data released by the Toronto Real Estate Board (TREB), March sales are nearly identical to activity during the time last year, with 7,187 homes changing hands, compared to 7,188 in 2018. For the first […]<\/p>\n","protected":false},"author":39,"featured_media":16398,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,33,181],"tags":[],"class_list":["post-16396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news","category-toronto-real-estate"],"yoast_head":"\nSpring Market Off to a Stable Start: March TREB Report | Zoocasa<\/title>\n<meta name=\"description\" content=\"Early spring home sales are proving to be flat, if stable, in the Greater Toronto Area \u2013 according to the latest data released by the Toronto Real Estate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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