Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Toronto Housing Market started in 2018 on a weaker note

Tina Myrvang

Client Care Lead
Staff member
REIN Member
Joined
Nov 15, 2010
Messages
1,502
We have just released our latest housing commentary entitled "Toronto housing market started 2018 on a weaker note".

Highlights of the report:

It’s too early to tell whether it was the frigid temperatures or the expected payback for a policy-induced swell of activity in the latter stages of 2017. But things quieted down considerably in Toronto’s housing market in January. The first batch of statistics released this morning by the Toronto Real Estate Board showed that home resales (unadjusted for seasonality) plummeted by 22% last month compared to January 2017 (the strongest-ever January on record). Back-of-the-envelope calculations suggest that, on a seasonally-adjusted basis, resales dropped by more than 15% between December and January. This would reverse much of the 25% cumulative rise in November and December. A big part of the story in January is that many sellers went into hibernation. Our calculations suggest that the number of new listings in January plunged by more than 32% from December. Yet that number is still up by 17% from a year ago because last year was a historical low point. Same thing for active listings. They’ve declined for four-consecutive months but were still up 136% year-over-year in January because inventories were so incredibly low at this time last year.


Link to the full report

To view, print and download the new report, click on the following link:

http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/TREB_REBGV_results_jan2018.pdf
 
Top Bottom