Market Commentary April 2019

Featured property 51 Indian Grv Toronto.

Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices.

While March sales and pricing remained flat, the number of new listings fell 5.1% to 13,996. Active listings were also down 2.5%, leaving the current supply at approximately 2.2 months of inventory. Such low inventory would typically suggest seller’s market conditions, however, the OSFI stress test continues to impact home buyers' ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be reviewed. The supply of listings in the GTA also remains a problem. Bringing a greater diversity of ownership and rental housing online, including 'missing middle' home types, should be a priority of all levels of government.

Stats reference from TREB and RAHB April 2019.