Toronto home sales tank 40 per cent prices down nearly 175000 since

admin fqqjg , , , , , , , , ,

Toronto home sales tank 40 per cent, prices down nearly $175,000 since April by Salmaan Farooqui, The Canadian Press Posted Aug 3, 2017 5:10 am MDT Last Updated Aug 3, 2017 at 2:40 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email A sold sign is shown in front of west-end Toronto homes Sunday, April 9, 2017. Toronto home sales have tanked 40 per cent and prices are down nearly $175,000 since April. THE CANADIAN PRESS/Graeme Roy TORONTO – After 16 years, Dina Alker is going to put her house in Toronto up for sale Monday, joining the throngs of others in the city who have decided to downsize as a chill gripping what was once one of the hottest real estate markets in North America takes hold.“I’m at a turning point in my life,” said Alker, 58, who plans to buy a condo.“It’s a big responsibility in a house. You’re never really worry-free.”Alker is unfazed by data released Thursday showing that sales in the Greater Toronto Area tanked last month by 40.4 per cent compared to July 2016 after a bout of frantic buying at the start of the year. Instead, she sees a silver lining — prices dipped for the third consecutive month.“It may be not as favourable (to sell), but when I go to buy, there’s an advantage there.”The decline in property transactions was driven by fewer sales of detached homes in Toronto and its surrounding areas, the Toronto Real Estate Board said.The average selling price of all properties in July was $746,218, roughly triple what it was when Alker bought her home and up five per cent from the same month last year.But that’s down nearly $175,000 since April, when the Ontario government introduced more than a dozen measures — including a 15 per cent tax on foreign buyers — aimed at improving home affordability.Tim Syrianos, president of the Toronto Real Estate Board, said the decline in activity has less to do with foreign buyers and more to do with potential homebuyers waiting to see how the market plays out.“Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve,” Syrianos said in a statement.Sal Guatieri, a senior economist with BMO Capital Markets, said Toronto’s housing market is starting to come back to normal levels after going through a “frenzy” early this year.“Buyers are stepping back, there’s more sellers, and that just seems to be contributing to greater downward pressure on detached home prices in the Toronto region,” said Guatieri.“That was just not sustainable and certainly not healthy, and greatly increased the risk of a severe correction if economic circumstances changed.”A year ago, foreign buyers in Vancouver also had to pay a 15 per cent tax. The effect was immediate: the number of transactions tumbled in the ensuing months. However, Vancouver did not see the plunge in prices Toronto is now experiencing.Tom Storey, a sales representative with Royal LePage, said he believes Toronto’s market will rebound much like Vancouver’s did.“If you cross-reference what happened in Vancouver after the (foreign buyers’ tax ) announcement, they went through four-to-six months of people cooling down,” said Storey. “Then it ramped up again.”Guatieri said it’s worth noting that while detached housing was what drove the drop in sales, condo sales have remained strong, helped in part by their relative affordability.“But I wouldn’t be surprised if we see a little bit of cooling in that department in the next few months,” he said.The average price of condos throughout the GTA in July was $501,750, an increase of 23.2 per cent from a year ago. Detached homes on average sold for $1 million, up 4.9 per cent.

You May Also Like..

Conoil Plc (CONOIL.ng) 2012 Abridged Report

first_imgConoil Plc (CONOIL.ng) listed on the Nigerian Stock Exchange under the Energy sector has released it’s 2012 abridged results.For more information about Conoil Plc (CONOIL.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Conoil Plc (CONOIL.ng) company page on AfricanFinancials.Document: Conoil Plc (CONOIL.ng)  2012 abridged results.Company ProfileConoil Plc is a petroleum exploration and production company in Nigeria that extracts, produces and sells crude oil as well as supplies a range of lubricants and household and liquefied petroleum gas for use by the domestic and industrial sectors. The company supplies what is referred to as White products, which is premium motor spirts, aviation turbine kerosene, dual purpose kerosene, low-pour fuel oil and automotive gasoline/grease oil. Products in its lubricant range include transport lubricants, industrial lubricants, greases, process oil and bitumen. Products in its liquefied petroleum gas range include liquefied petroleum gas sold in bulk, gas-packed, cylinders and valves. Established in 1984 and formerly known as Consolidated Oil Nigeria Limited, the company changed its name to Conoil Producing Plc. The company has exploration licenses for 6 highly prospective blocks in the Niger Delta which it acquired and paid for after competitive bidding rounds organised by the Federal Government of Nigeria. Conoil Producing has discovered hydrocarbon offshore southeast of Niger Delta and initial logging interpretations is looking promising. Conoil Plc’s head office is in Lagos, Nigeria. Conoil Plc is listed on the Nigerian Stock Exchangelast_img

Nairobi Securities Exchange Limited (NSE.ke) 2016 Annual Report

first_imgNairobi Securities Exchange Limited (NSE.ke) listed on the Nairobi Securities Exchange under the Investment sector has released it’s 2016 annual report.For more information about Nairobi Securities Exchange Limited (NSE.ke) reports, abridged reports, interim earnings results and earnings presentations, visit the Nairobi Securities Exchange Limited (NSE.ke) company page on AfricanFinancials.Document: Nairobi Securities Exchange Limited (NSE.ke)  2016 annual report.Company ProfileNairobi Securities Exchange (NSE) Limited operates as a securities exchange in Kenya offering an automated platform for the listing and trading of various securities such as debt, equity and derivative securities. It provides clearing and settlement services for transactions in derivative securities through its subsidiary, NSE Clear Limited. It also acts as a central counterparty in derivative securities transactions. Kenya is one of the fastest growing economies in sub-Sahara Africa and NSE plays a vital role in this growth by encouraging savings and investments as well as helping local and international companies access cost-effective capital. The securities exchange operates under the jurisdiction of the Capital Markets Authority of Kenya; is a full member of the World Federation of Exchange; a founding member of the African Securities Exchanges Association (ASEA); the East African Securities Exchanges Association (EASEA) and the Association of Futures Market. Nairobi Securities Exchange is a partner exchange in a SSE initiative led by the United Nations. Nairobi Securities Exchange Limited is listed on the Nairobi Securities Exchangelast_img

Stonebridge Properties Limited (STBR.mu) HY2017 Interim Report

first_imgStonebridge Properties Limited (STBR.mu) listed on the Stock Exchange of Mauritius under the Property sector has released it’s 2017 interim results for the half year.For more information about Stonebridge Properties Limited (STBR.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Stonebridge Properties Limited (STBR.mu) company page on AfricanFinancials.Document: Stonebridge Properties Limited (STBR.mu)  2017 interim results for the half year.Company ProfileStonebridge Properties Limited engages in the investment sector where the company focuses on investing in real estate securities and directly in properties, where such investments offer investors both income and capital growth. Stonebridge Properties Limited is listed on the Stock Exchange of Mauritius.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *