The month of November TREB Market Stats
The number of sales dropped by 14.7% compared to November 2017, why?
Last October (2017), OFSI announced a new stressed test that will take effect on January 1, 2018.
It means that after January 1, 2018, getting a mortgage approved will be a lot harder than before.
This drove up the demand for buying a home before the end of the year.
Now, with stress test already taking place and interest rate going up, the number of sales in November 2018 is 14.7% less from the previous year.
But, the average home price went up by 3.5% compared to November 2017, why?
There are less active listings compared with November 2017, which is down by 9.8%. Active listings = Listings on the market