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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

4 January 2018

Is the provincial government responsible for home sales decline in Toronto?

Toronto Real Estate Board (TREB) says it’s the provincial government's fault that 2017 was quite "volatile", with sales going down by more than 18%, although prices for detached houses falling.

According to TREB, there were 92,394 home sales in the Greater Toronto Area last year, which is 18.3% lower than the record high level seen in 2016.

"Most of the sales volatility in 2017 was caused by the government’s decisions," – the Board’s president Tim Syrianos noted.

"Different researches by TREB, the provincial government and Statistics Canada showed that foreign home buyers turned out to be not the main driver of sales in the GTA. Nevertheless, the Ontario Fair Housing Plan, including a foreign buyer tax, had a strong psychological influence on the real estate market."

As you know, Ontario's Fair Housing Plan was presented in April. It includes a 15% tax for non-resident home buyers, expanded rent controls and a number of other measures aimed at cooling what was then a red-hot housing market in the Greater Golden Horseshoe region of Ontario.

As a result, prices for detached houses showed a sharp decrease in the GTA – they were down by 2.5% from the previous year to $989,870. Meanwhile, condo prices didn’t face the same impact and rose by 14.4% in December to $503,968.



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