York Region house sales sink 50 per cent in a year, GTA's drop 35 per cent

Yorkregion.com
Oct. 4, 2017
By Lisa Queen

The number of house sales in York Region plummeted by 50 per cent in September compared to last year.

In September 2016, there were 1,922 sales of all home types in the region, according to a new report from the Toronto Real Estate Board. Last month, that had dropped to 944, a decline of more than 50 per cent.

That's even more than the 35 per cent decrease seen throughout the Greater Toronto Area.

York's sales edged up 1.5 per cent between August and September this year. The average price increased 5.8 per cent to $991,339 during that same time.

On a year-over-year basis, prices virtually flatlined, only increasing 0.3 per cent between September 2016 and September 2017.

York's real estate market mirrors what's taking place throughout the GTA, including a jump in houses now listed for sale, Mark Bernhardt, communications manager with real estate broker Zoocasa, said

York's list of homes for sale grew by 20.5 per cent from August to September and skyrocketed 96 per cent from September 2016 and September 2017.

Zoocasa CEO Lauren Haw called the market "perfectly balanced."

"However, sellers still think it's a seller's market and buyer's think they're going to find an amazing deal. The reality of the situation is that choice houses in choice neighbourhoods are still going for hundreds of thousands of dollars over asking, while average properties in good neighbourhoods sit on the market. A house that is appropriately priced and marketed well will sell," she said.

"A lot of agents are waiting for the fall market to pick up and advising their clients to hold off on buying or selling. You can't time the market, and that's important to keep in mind right now. People didn't intend to buy at the peak. Now, prices are down, inventory is high, and over the short term, it's a great time to buy in Toronto. We know we are on the way down, but we don't know if we are already at the bottom. Or are we already on our way back up? Real estate market changes are instantaneous - the whole market can change in two weeks."