“It is not surprising that home prices in some market segments were flat to down in January compared to last year. At this time last year, we were in the midst of a housing price spike driven by exceptionally low inventory in the marketplace. It is likely that market conditions will support a return to positive price growth for many home types in the second half of 2018. The condominium apartment segment will be the driver of this price growth,” said Jason Mercer, TREB’s Director of Market Analysis.
“With the City of Toronto’s Executive Committee meeting to make recommendations on the City’s 2018 Budget, City Councillors would be wise to note the vast difference between last January’s real estate market and this January’s, given the City’s inadvisable reliance on the Municipal Land Transfer Tax. The amount of revenue that the city generates from this tax goes up and down with the real estate market. 2017 should be a wake-up call for City Council — they should heed the City Manager’s ongoing warnings of over-reliance on this tax, as the Land Transfer Tax is NOT a good way to fund municipal services,” said Tim Syrianos, TREB’s President.
Here is our January 2018 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.