February 2018 - 5,175 sales changed hands a decrease in sales compared with the high of last last year but an increase on sales from last month.
Average selling prices were down by12.4% year over year. This due mainly to detached houses losing some value from their peak last Spring. Condos are still gaining value year over year with an increase of 18.8% over last year.
Condos are now starting to increase in value by a higher percentage compared to houses. This will represent a harder time for first time home buyers and buyers priced out of houses.
The New Mortgage Lender stress Tests that came into play January 1st 2018 for buyers with 20% or more as a down payment will Definitley play a role in affordability now that the new year is here.
Contact me to find out just what this might mean for you.
Contact me for more details: firstname.lastname@example.org or direct at 416-801-9265
Check out the full detailed report here...