“Much of the sales volatility in 2017 was brought about by government policy decisions. 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. Looking forward, government policy could continue to influence consumer behaviour in 2018, as changes to federal mortgage lending guidelines come into effect,” said TREB President Tim Syrianos.
“It is interesting to note that home price growth in the second half of 2017 differed substantially depending on market segment. The detached market segment – the most expensive on average – experienced the slowest pace of growth as many buyers looked to less expensive options. Conversely, the condominium apartment segment experienced double-digit growth, as condos accounted for a growing share of transactions,” said Jason Mercer, TREB’s Director of Market Analysis.
Here is our December 2017 Market Report, a quick resale housing market analysis with key stats for Toronto + the GTA ?.
>> Don’t forget to check out the complete monthly Toronto + GTA Resale Housing Market Figures report released by TREB for a comprehensive breakdown of all statistics recapped in our monthly market review.