House listings in York Region up 283 per cent, but sales down: TREB
Sales down almost 30 per cent in York Region, new numbers show

YorkRegion.com
Jan. 4, 3017
Lisa Queen

House sales in York Region are down, prices have dipped and listings are way up, according to numbers released today from the Toronto Real Estate Board (TREB).

Sales dropped 28 per cent between November and December, from 1.027 down to 731, numbers released by TREB on Jan. 4 show.

Year-over-year, sales dropped 29 per cent, from 1,035 in December 2016 to 731 in December 2017.

Meanwhile, the average price of a house sold in the region declined by 1.38 per cent between November and December, from $921,654 down to $908,892.

Last month’s average price of $908,892 was down from 2.82 per cent from $935,316 in December 2016.

Between December 2016 and December 2017, homes listed for sale surged 283 per cent, from 873 up to 3,349.

Slower sales in December is common, Lauren Haw, CEO of real estate brokerage and website company Zoocasa, said.

"We know that the holiday period is typically a slower one in the real estate market, especially toward the end of December. The slowdown in sales we saw in York Region last month was consistent with the same period last year,” she said.

"The massive increase in inventory since last year is very notable. A 283 per cent surge in active listings has kept home prices stable, which are essentially flat both from month-to-month and year over year."

It remains to be seen how new rules will affect the market, Haw said.

"As the new mortgage rules came into effect on Jan. 1, it will remain to be seen how the stress-test impacts potential buyers as well as home sales in the coming months,” she said.