TREB Market Watch November Highlight

source: TREB

Over the weekend, a friend asked about the market.  With TREB November numbers, let's highlight a few points:-

* CMHC's new and tighter mortgage lending rules plus Toronto Land Transfer Tax deferred some potential buyers from entering the market.

* Since June, the monthly resale transactions fared worse than 2011, year-to-year-wise.

* With less transactions and more listings, it has become a buyer market.

* Although transactions reduced, the average home price is modestly higher ("...detached homes that sold for over one-million dollars was down substantially...")

* According to MLS HPI detached benchmark (comparing home of the same attribute), low-rise home price "was up by almost six percent in Toronto."

For complete report, visit TREB's website.

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