In April, there were 9,042 home sales in the Greater Toronto Area reported through the MLS system, which is 16.8% higher than the same period last year. This is also 11.3% higher than the amount of sales in March 2019.
In the Canada Mortgage and Housing Corporation’s quarterly Housing Market Assessment, the overall condition of Canada’s housing market moved from high risk to moderate risk, mostly due to an easing of price acceleration.
Urbanation, a leader in GTA condo market information, released its condo market results, reporting that pre-sale condo launch activity hit a 10-year low in the first quarter of 2019. Only eight new projects launched in the first three months of the year.
The province of Ontario announced the details of its More Homes, More Choice: Ontario’s Housing Supply Action Plan, and it immediately received praise and support from leaders in the new home industry.
Sixteen months after the implementation of the federal government’s B-20 mortgage stress test regulations, TD Bank released an examination of its effects. Basically, the stress test did what it was supposed to do, but had some unintended consequences.
Even as housing prices have cooled throughout the GTA since the 2016 market peak, the average house still fetched $873,100 as of March, while the typical condo unit costs over half a million dollars, at an average of $522,300.