Toronto Real Estate Market Stats – January 2018
January 2018’s Toronto housing market is reflecting the measures taken by various levels of government to cool escalating home prices and consumer debt. At this time last year, we were in the midst of a housing price spike driven by exceptionally low inventory, which should be recognized when making comparisons to January 2017. However, prices for January 2018 showing a more modest growth consistent with the last half of 2017 coupled with an increase in inventory, may be a hopeful sign for buyers who have been shut out of the market for lack of product. The Ipsos research quoted in TREB’s 2018 Market Year In Review & Outlook Report indicates that 74% of likely buyers in the GTA think they will still qualify for a mortgage at the 2 percentage points higher than the posted five year fixed rate, as required under the new OSFI stress test rules.
Thinking of buying or selling real estate in Toronto or the greater Toronto area (GTA) this year? Contact Ben Fenlon, Sales Representative at Royal LePage Real Estate Services today! Cell direct: 416-301-0828
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