Some buyers are saying they plan to wait on the sidelines as the average price in the Greater Toronto Area slipped 2.6% in March from February, bucking the seasonal trend
Patrick Rocca, broker with Bosley Real Estate Ltd., describes the market as “spotty” in midtown Toronto.At 492 Sutherland Dr., in Leaside, a semi-detached house set a new milestone with a sale price of $1.925-million and five bidders in competition. The house was listed with an asking price of $1.499-million.
According to data from the Toronto Regional Real Estate Board, new listings in the Greater Toronto Area swelled 42 per cent in March compared with February. The 15-per-cent tax Ontario brought in in 2017 has not prevented house prices from rising by more than 35 per cent since then, while house prices in New Zealand have surged by 60 per cent since the government there imposed a blanket ban on foreign buyers in 2018.
While wage growth has picked up, it is not keeping pace with inflation, which was 5.7 per cent year-over-year in February, says the economist.