Inventory glut pushes down Toronto area house prices
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Inventory glut pushes down Toronto area house prices

By Patrick following x   2017 Dec 6, 7:41am 306 views   3 comments   watch   sfw   quote     share    

A wave of new listings pushed home prices lower in Toronto in November as sellers try to lock in deals before new mortgage stress-testing rules take effect in January.

The Toronto Real Estate Board (TREB) said the average home sold for $761,757 in the Greater Toronto Area (GTA) in November, down 2.4 per cent compared with October. The November drop halted a modest price recovery that began in September and continued in October, after a downturn through the spring and summer.

Prices slipped in November as buyers faced a glut of purchasing options, especially for detached houses in the 905 region surrounding the City of Toronto.
1   HEYYOU   ignore (6)   2017 Dec 6, 8:30am   ↑ like (1)   ↓ dislike (0)     quote      

Patrick says
new mortgage stress-testing rules

Wonder how many know that they can't pass the test & will buy more house than they really can afford
even with the price drop?
"We must have it!"
Canadians are Americans,now! lol
2   anon_fad35   ignore (1)   2017 Dec 6, 9:10am   ↑ like (1)   ↓ dislike (0)     quote      

Price drop needs to come to SoCal. Prices are too BS right now.

Dirty Chinese parking their dirty money everywhere. Need to put a big tax on these purchases.
3   APOCALYPSEFUCKisShostikovitch   ignore (26)   2017 Dec 6, 12:58pm   ↑ like (2)   ↓ dislike (0)     quote      

But housing never goes down!

Hopefully the Canadian banking regulators will refuse to bail out the gamblers and money launderers and let prices slide back to normal 1975 levels and free fights open up in the streets as REALTORs are butchered by speculators and PRC Army Officers trying to expatriate looted money.

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