Industry watchers have been waiting to see what the fall season would bring for the GTA housing market, and so far the results are looking positive.
Home sales were up year-over-year for every GTA property type in the first two weeks of the month, according to a new report from Zoocasa. Detached home sales were up 9 per cent, while condo sales rose 8 per cent and semi-detached sales jumped 5 per cent.
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“That sales are up year-over-year is an optimistic sign that some of the fallout from housing and mortgage policies this year and last are starting to subside,” Zoocasa managing editor Penelope Graham tells Livabl. “Sellers are certainly active, as there’s been an influx of new listings hitting the market.”
Graham notes that the market has yet to rebound from the 30 per cent price gains it was experiencing last spring, but she says it’s clear that the psychological impact of the stress test has subsided, and that sellers have less anxiety around listing their properties. Still, some buyers are being kept on the sidelines by the new policy.
“The tougher mortgage qualifications continue to challenge borrowers and limit the budgets they’re working with heading into the fall,” shares Graham. “Overall, the market is in healthy, balanced territory, and that’s going to appeal to motivated buyers.”
While all property types are performing well, Graham notes that the detached home segment has seen a particularly strong rebound.
“The recovery in the detached home segment has been especially pronounced, given that it was the hardest hit following the introduction of the Ontario government’s Fair Housing Plan last spring,” she says.
“Sales have rebounded from the double-digit declines in winter and early spring and are now once again posting positive gains. Despite the increased mortgage rules facing move-up buyers, it’s evident demand will continue support detached home sales.”
For a closer look at September’s mid-month sales numbers, check out Zoocasa’s infographic below: