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Eva Walker
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Century 21 Heritage Group Ltd., Brokerage

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TREB RELEASES 2019 HOUSING OUTLOOK

 

TORONTO, February 6, 2019 -- Toronto Real Estate Board President Garry Bhaura announced the release of TREB's fourth annual Market Year in Review and Outlook report, in conjunction with a morning event consisting of multiple presentations and panels concerned with the housing market and broader economy.  The media are encouraged to attend (see event details below).  TREB MLS® System statistics for January 2019 are also provided below.

This year's Market Year in Review and Outlook report follows a volatile year for the housing market in 2018.  Moderate improvement in terms of sales and average selling price is expected for 2019.

"Although we won't experience record levels, we do expect to see a better year in 2019 for sales and selling prices reported by GTA REALTORS® through TREB's MLS® System. Many buyers who moved to the sidelines over the past year due to various government policies, including the OSFI-mandated mortgage stress test, have re-evaluated their positioning in the marketplace vis-à-vis home type, location and price point.  It makes sense that Ipsos, in its Home Buyers Survey conducted for TREB, found that the share of intending home buyers has increased," said Mr. Bhaura.

"Even though we're seeing positive government action on a number of key housing files, one area that needs to be revisited is the imposition of the OSFI-mandated two percentage point mortgage stress test. While we saw buyers return to the market in the second half of 2018, we have to have an honest discussion on whether or not today's home buyers are being stress tested against rates that are realistic. Home sales in the GTA, and Canada more broadly, play a huge role in economic growth, job creation and government revenues every year. Looking through this lens, policymakers need to be aware of unintended consequences the stress test could have on the housing market and broader economy," said John DiMichele, TREB CEO

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