Money Toronto New Home Listings Vanish Because Sellers Don't Like What They See In The Market

21:31  17 may  2018
21:31  17 may  2018 Source:   huffingtonpost.ca

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Realtor says 'a lot of buyers are pulling back because they think the market might fall'. But after a winter which saw home prices in the Greater Toronto Area rise by 33.2 per cent year-over-year in March and horror stories of "It's still a true sellers ' market ; it's just right now there's a little bit of a lull.

Some Toronto homeowners are cashing out when the market 's hot and then renting their properties back from the new buyers. It's a clause in the listing that tells potential buyers that the seller plans to rent back the property for a year or more after it's "It's like freedom 71. My mortgage is paid off.

A real estate agent stands outside of a home holding an open house in Brampton, Ont., near Toronto, Sat. May 20, 2017.© Provided by AOL Inc. A real estate agent stands outside of a home holding an open house in Brampton, Ont., near Toronto, Sat. May 20, 2017.

Homeowners in Toronto and surrounding regions don't seem too impressed with what's been going on in their housing market, and they've responded to the slowdown by staying put in their homes.

That decrease in supply could actually help the market bounce back faster than it would have otherwise.

The number of new listings of houses for sale in Greater Toronto dropped by 24.8 per cent in April, compared to the same month a year earlier, according to data from the Toronto Real Estate Board.

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Home . News. Marketplaces. By that I mean the listing vanishes as if it never existed. The days I might not have the time to do brand new listings , I can fall back on those for some quick changes and have them up. eBay likes to see new things added on a regular basis and that fills the bill.

Typically active listings see a monthly decline from October to November as well. Normally this would soften prices, like we saw in the summer, but we got a climb. Next post: Toronto Real Estate Will Get Over 57,000 New Homes In 2018.

At the very least, the numbers suggest that there is no panic in southern Ontario's housing markets in the wake of a price and sales slowdown. In a panic situation, new listings would spike as homeowners seek to cash out of a market in which they've lost faith.


  Toronto New Home Listings Vanish Because Sellers Don't Like What They See In The Market © Provided by AOL Inc.

But the drop in new homes being listed for sale is "a sign that that potential sellers are unimpressed with the prices on offer," Bank of Montreal chief economist Doug Porter wrote in a client note.

The average price of a home sold in Toronto has dropped by 12.6 per cent over the past year, to $804,584 in April. But that drop is exaggerated by the change in the mix of homes being sold. With fewer high-end houses for sale, the average price skews downwards.

The MLS home price index for the city, which factors in the mix and quality of homes sold, showed a 5.2-per-cent drop in house prices over the past year.

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It's three words no agent wants to see attached to a listing : back on market . What was once new can instantly morph into old before a buyer's very eyes. How To Take Advantage of a Sellers Market . How to Sell Your Home in 15 Steps.

O’Keefe is among Toronto region homebuyers and sellers who got caught in the spring real estate downturn. Like many homes at the time, O’Keefe’s sold in about a week for more than the listed price. What she had to do was find a new home for herself in the same fiercely competitive market .

"It may be that people are trying to time the bottom of the market," TD Bank economist Rishi Sondhi said, as quoted at Bloomberg. "They're holding out because they think the market is going to turn around."

But Jason Mercer, director of market analysis at the Toronto Real Estate Board, says all the policy changes introduced in the past year are also keeping home sellers on the sidelines.

"People are still coming to terms with the volatility in the market as a result of (Ontario's) Fair Housing Plan and changes in mortgage lending guidelines," Mercer told HuffPost Canada.

He noted that, with homes taking longer to sell, the market is still better supplied than it was a year ago, even with the slowdown in new listings.

Pierre Leduc, a spokesperson for the Canadian Real Estate Association, said another reason for the lack of new listings may be that the people who would have sold their homes now can't afford to buy the new one they wanted.

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" Don ' t fall into the trap of thinking the market is dead because open house activity and closings are And now that it's pouring in your windows, potential buyers will be able to see everything. Feel free to keep older photos in the listing —your buyers might want to know what the home looks like when the

The boost in new listings applied only to low-rise homes — detached, semi-detached and town houses. Even with the boost in listings it’s still a seller ’s market in the Toronto area, with only about one month of inventory in the re-sale housing market .

Many move-up buyers "have had to go back to the drawing board as far as how much home they can afford" because of the new mortgage rules, Leduc told HuffPost Canada in an email. Those rules chopped off an estimated 20 per cent or so of Canadians' buying power.

They're waiting to save up a larger down payment, or have decided to stay put in their current homes, "so those potential listings are out for now as well," Leduc said.

Earlier on HuffPost Canada:


  • Owners Of $4M Vancouver Home Say They Can't Afford Tax Bump
  • Prison For Founder Of Company That Owns Billions In Canadian Real Estate

But home sales in Greater Toronto have fallen even faster than new listings — down 33 per cent in April from a year earlier, when the market was near the peak of its frenzy. The city has shifted from being a seller's market to being in balanced territory, Leduc said.

Because of that, both Mercer and Leduc expect Greater Toronto to return to house price growth in the coming months — although Mercer expects that growth to be much more moderate than what was seen prior to the slowdown, and "certainly not" the massive 20- or 30-per-cent price spikes seen before last spring.

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Because the market went up about 10% in 2005, let’s say the apples-to-apples cost was ,410 What are some other things home sellers should consider before listing ? The new buyer can make those improvements if they see fit after the purchase. Maybe they won’ t change a thing.

Toronto is seeing detached listings rise at a massive rate, while sales drop and smart money has New detached listings are hitting the market at a much higher rate than usual, and it rightfully This becomes a little more concerning to potential sellers when you couple it with declining sales.

But not everyone agrees the market is on the verge of a rebound. BMO's Porter says bond yields, which influence mortgage rates, are "still grinding higher," suggesting still-higher borrowing costs on the horizon for Canadian homebuyers. That could put more downward pressure on housing.

"Don't look for a quick turn in the market anytime soon," he wrote.

Also on HuffPost:

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This article originally appeared on AMP: HuffPost Canada at https://www.huffingtonpost.ca/2018/05/17/toronto-new-home-listings_a_23436420/

From their parents' basements to dream homes: Millennials are skipping starter houses .
Millennials who put off buying their first home are skipping the starter home and going straight for the dream house. They can afford pricier homes after living with parents or by getting help from their parents with the down payment.Mike Sullivan, 31, bought his first house a few years ago after saving up for years, but it’s not a typical one or two-bedroom starter house. He paid $360,000 for the four-bedroom, 2,700-square-foot ranch on Long Island. He calls it his “forever home.

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