There’s no denying that the Greater Toronto Area’s real estate market, both new and resale sectors, has been slow. 2018 was basically a nose dive compared to the high activity in 2016 and 2017. Now, I think we’re seeing signs of the market rebounding.
The Canada Mortgage and Housing Corporation released its housing starts data for March 2019, but there’s not much to get too excited about as construction remained steady to wrap up the first quarter of the year.
This increased interest in the 905 housing markets is evident in the growing usage of GO Transit, the provincially-owned regional transit network. It boasted a ridership of 56.6 million people in 2018, upping service by 13% to 217 weekly trips.
The Toronto Real Estate Board released its resale housing market results for March 2019, reporting steady sales and prices, though the market remained tight. TREB also continues to blame the mortgage stress test for slower sales.
The Building Industry and Land Development Association released its monthly new home sales figures for February 2019, reporting a significant spike in new single-family home sales in the Greater Toronto Area.