December 2018

Found 1 blog entry for December 2018.

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 

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