(PRWEB) March 15, 2013
Toronto Real Estate Board published its monthly housing resale report for February this week. The report shows a 15 percent year to year drop in home sales this February. At the same time, the Board also reported a 2 percent hike in home prices in the Greater Toronto Area. Marcus Arkan, CTO of a Toronto based mortgage brokerage, SMI Brokers, shared some insight into the latest figures and answered some heated questions regarding the future of Toronto’s Real Estate.
According to Mr. Arkan, a 15 percent decline is not alarming, considering the facts that the previous year was a leap year. “Last year, the market was a lot more heated up than it is this time. So, if you take that one extra day out, a proper 28 day comparison leaves you with a 10.5 % decline. This is way too small than what we see in other major markets including Vancouver, where sales plunged almost 30% from last year.”
Mr. Arkan further commented that the GTA condominium market is the key player in the current transitional state of Toronto Real Estate. This statement is also backed by the figures indicated in TREB’s report that showed a 20.2 percent drop in condo sales this February. The sales of detached homes and luxury detached homes also dropped 16.1% and 15.5 % respectively.
Sharing his opinion on this significant drop, specifically in the condominium market, Mr. Arkan said, “As most mortgage experts predicted, last year’s rule changes have shifted the direction of Toronto’s housing market. There is a large number of inventory but stricter rules are keeping buyers away from the market.”
While sales are declining in the start of spring season, TREB reported a different story in January. Unlike February, GTA saw a mere 1.3 percent decline from the past year. Ann Hannah, president of TREB stated that a good start to 2013 indicated that buyers were returning to the market. “The market is unpredictable and comparison of the past two months can easily prove it. There may be a lot of questions right now but this is still not the right time to answer all of them,” Mr. Arkan added.
To learn more about current mortgage rates and market situation in Canada, please visit the website http://www.syndicatemortgages.com
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