The Canadian real estate market has been rapidly changing over the course of this year. There are new provincial policies, taxes, and tougher federal mortgage criteria that have reduced housing affordability and slowed sales.
This means that buyers and sellers looking for, say, Calgary homes for sale or browsing MLS listings in Toronto must now adapt to the quieter markets than ones seen in previous years.
Despite all this change, however, 2018 has also provided some much-needed stability by cooling rampant urban centres such as the Vancouver real estate market and Toronto condo market back down to more historical levels.
Supply issues have plagued the Toronto real estate market for years, and the Toronto Real Estate Board (TREB) cites it as one of the primary reasons home prices continue their seemingly irrepressible growth.
Last November saw a surge of inventory – 14,349 new listings amid a rush to capitalize on the buying frenzy resulting from the new mortgage lending rules hitting the province in January.
This increase in properties dampened prices from November 2016 by 2 per cent.
But this November new listings fell over 26 per cent to 10,534 – almost exactly back to levels from November 2016. At the same time, sales fell only 14.7 per cent to 6,251.