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Per a recent release from NewsWire, home sales across the country took a steep fall last month.
From April to May 2017, the number of homes sold in Canada fell 6.2%, the largest month-over-month drop since August 2012. This comes as a surprise as May (and the following summer months) are peak real estate seasons.
Although this is a significant drop, the biggest eye-opener was that home sales fell 25.3% month-over-month in the Greater Toronto Area, as a market that has been red-hot for the past year. Some areas that also experienced activity drops include the Oakville and Milton areas as well as Burlington-Hamilton.
The President of the Canadian Real Estate Association points to the fact that the latest changes to housing policy in Ontario are to blame for the slides. The changes have caused both listings and home sales to close the gap in the GTA.
However, new home listings were still quite high in May in the GTA despite the York Region posting the biggest month-over-month drop in supply while similar decreases were also seen in the Milton and Oakville areas.
Nationally, there were 4.7 months of inventory by the end of May 2017, ending with a similar number that we saw in the same month one year ago. This is typically a good indicator of the gap between supply and demand and where the market is headed.
Price gains in the GTA, including Milton, slowed down year-over-year, but this was anticipated after the red-hot gains we experienced over the past 12 months. Despite the slowed growth, the Milton-Oakville area still posted a 23.9% year-over-year gain in price.
The national average price for a home in Canada was $530,304 in May 2017, a 4.3% jump from May 2016. Two of the biggest driving forces behind this average price are Greater Vancouver and the GTA.
For more information on your local housing market, reach out to us today! As Milton Mortgage professionals, we make it a goal of ours to remain as in-the-know as we possibly can to help give you any advantage when it comes to your mortgage. If you’re looking at Milton homes and want to pair it with an ideal mortgage, we can help.