Toronto Home Sales Continue to Tank This Fall Posted onOctober 4, 2017June 18, 2020/ Devry Smith Frank LLP Data shows that September continued to be a month of decline for the Toronto real estate market, with sales falling between 38 and 45 per cent compared to a year earlier. This marks the fifth month in a row of declining sales, which not too long ago had high home values and crazy sales numbers. Once the government stepped in to try and cool the market with new housing rules, such as the 15-per-cent foreign buyers’ tax, May was the beginning of the decline. In the current market, depending on the value of the home and the neighbourhood, some are selling quickly while some continue to sit there. Lauren Haw, CEO of Zoocasa says that “homes around $500,000 are on fire and selling very quickly,” while things are slower in the higher price ranges in the city. In the current market, Haw suggests, if you “miss the mark with your initial pricing, your house will go stale.” Haw also believes that the next 6 months will continue to be slow in Toronto, with no price collapse in Toronto’s future. Haw sees prices stabilizing, while other analysts see pressure on Toronto’s housing market due to rising interest rates, mortgage rule tightening which would require borrowers who put 20 per cent down or more to go through a “stress test” to see if they can afford their mortgage if rates were to increase by two percentage points. If you are in need of a real estate lawyer, please visit our Real Estate Page and contact one of our Real Estate Lawyers today. For any other legal services or inquiries, please contact Devry Smith Frank LLP directly at 416-449-1400 or visit our website for more information. By: Nicolas Di Nardo “This article is intended to inform. Its content does not constitute legal advice and should not be relied upon by readers as such. If you require legal assistance, please see a lawyer. Each case is unique and a lawyer with good training and sound judgment can provide you with advice tailored to your specific situation and needs.” Related Posts Posted onSeptember 21, 2017June 18, 2020/ Devry Smith Frank LLP Top Intersections for Condos in Toronto Condos have been taking over the Toronto skyline, with more to come not only in the downtown core, but in popular hubs around the entire city. New builds provide a ton of options for prospective buyers because they seem to be popping up all over the city, but it seems that re-sale condos surrounding many [...] Read more Posted onSeptember 6, 2017June 18, 2020/ Devry Smith Frank LLP Toronto Housing Market Update: August 2017 Home sales slowed down through August so much that there was a 34.8 per cent drop in sales compared to last year. This marks the fourth month in a row where sales and home prices have dropped. July’s average price was sitting at $746,033 while August had an average price of $732,292. Since the introduction [...] Read more Posted onAugust 31, 2017June 18, 2020/ Devry Smith Frank LLP Mid-rise Housing, The Next Best Thing for Toronto Real Estate? With detached homes in Toronto reaching unattainable prices and an abundance of high rise condos taking over the city skyline, most of which are either purchased and sitting empty or demanding rent that is extremely high, could midrise development within some of Toronto’s neighbourhoods be the answer to the homeownership struggle many Torontonians are facing? [...] Read more Posted onAugust 22, 2017June 19, 2020/ Devry Smith Frank LLP Six Figure Income Required To Buy in the GTA If the past year of insanely high home prices hasn’t made you rethink home ownership, maybe this new report will. Two real estate companies conducted separate studies and have come up with the income requirements if you are looking to afford a home in Toronto. The results don’t seem to benefit Canada’s millennials. A majority [...] Read more