Money Toronto New Home Listings Vanish Because Sellers Don't Like What They See In The Market

21:31  17 may  2018
21:31  17 may  2018 Source:   huffingtonpost.ca

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A real estate agent stands outside of a home holding an open house in Brampton, Ont., near Toronto , Sat. May 20, 2017. The number of new listings of homes for sale in Greater Toronto has taken a deep drop as sellers wait out the market slump.

Toronto New Home Listings Vanish Because Sellers Don ' t Like What They See In The Market . A link home may look like two separate detached homes above-ground, but they share a common foundation underneath, writes Joe Richer.

A real estate agent stands outside of a home holding an open house in Brampton, Ont., near Toronto, Sat. May 20, 2017.© Provided by AOL Inc. A real estate agent stands outside of a home holding an open house in Brampton, Ont., near Toronto, Sat. May 20, 2017.

Homeowners in Toronto and surrounding regions don't seem too impressed with what's been going on in their housing market, and they've responded to the slowdown by staying put in their homes.

That decrease in supply could actually help the market bounce back faster than it would have otherwise.

The number of new listings of houses for sale in Greater Toronto dropped by 24.8 per cent in April, compared to the same month a year earlier, according to data from the Toronto Real Estate Board.

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Toronto GTA new listings vanish ! Toronto New Home Listings Vanish because Sellers don ' t like wahat they see in the real estate market . --- it seems people are not panicking!

Canada has a new banknote, and not only is it the first one to feature a black or Canadian woman, civil rights heroine Viola Desmond, but it's also the first with a vertical alignment. Toronto New Home Listings Vanish Because Sellers Don ' t Like What They See In The Market .

At the very least, the numbers suggest that there is no panic in southern Ontario's housing markets in the wake of a price and sales slowdown. In a panic situation, new listings would spike as homeowners seek to cash out of a market in which they've lost faith.


  Toronto New Home Listings Vanish Because Sellers Don't Like What They See In The Market © Provided by AOL Inc.

But the drop in new homes being listed for sale is "a sign that that potential sellers are unimpressed with the prices on offer," Bank of Montreal chief economist Doug Porter wrote in a client note.

The average price of a home sold in Toronto has dropped by 12.6 per cent over the past year, to $804,584 in April. But that drop is exaggerated by the change in the mix of homes being sold. With fewer high-end houses for sale, the average price skews downwards.

The MLS home price index for the city, which factors in the mix and quality of homes sold, showed a 5.2-per-cent drop in house prices over the past year.

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That CROP poll for CBC last year found that 60 per cent of Canadians see refugees as a positive force, and 83 per cent believe other cultures enrich Canadian society. Toronto New Home Listings Vanish Because Sellers Don ' t Like What They See In The Market .

Toronto is seeing detached listings rise at a massive rate, while sales drop and smart money has New detached listings are hitting the market at a much higher rate than usual, and it rightfully This becomes a little more concerning to potential sellers when you couple it with declining sales.

"It may be that people are trying to time the bottom of the market," TD Bank economist Rishi Sondhi said, as quoted at Bloomberg. "They're holding out because they think the market is going to turn around."

But Jason Mercer, director of market analysis at the Toronto Real Estate Board, says all the policy changes introduced in the past year are also keeping home sellers on the sidelines.

"People are still coming to terms with the volatility in the market as a result of (Ontario's) Fair Housing Plan and changes in mortgage lending guidelines," Mercer told HuffPost Canada.

He noted that, with homes taking longer to sell, the market is still better supplied than it was a year ago, even with the slowdown in new listings.

Pierre Leduc, a spokesperson for the Canadian Real Estate Association, said another reason for the lack of new listings may be that the people who would have sold their homes now can't afford to buy the new one they wanted.

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That's because by its very nature a seller 's market is defined in part by low inventory and lots of home buyers. Say a listing agent has two offers. One is exactly the offer the seller would like to sign.

We’re starting to see pocket listings , where agents tell their friends or officemates about a listing so it can be sold without ever hitting the general market . Before you list your home in 2018, you should figure that out. Then, consider adopting my classic New Year’s Resolutions for home sellers

Many move-up buyers "have had to go back to the drawing board as far as how much home they can afford" because of the new mortgage rules, Leduc told HuffPost Canada in an email. Those rules chopped off an estimated 20 per cent or so of Canadians' buying power.

They're waiting to save up a larger down payment, or have decided to stay put in their current homes, "so those potential listings are out for now as well," Leduc said.

Earlier on HuffPost Canada:


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But home sales in Greater Toronto have fallen even faster than new listings — down 33 per cent in April from a year earlier, when the market was near the peak of its frenzy. The city has shifted from being a seller's market to being in balanced territory, Leduc said.

Because of that, both Mercer and Leduc expect Greater Toronto to return to house price growth in the coming months — although Mercer expects that growth to be much more moderate than what was seen prior to the slowdown, and "certainly not" the massive 20- or 30-per-cent price spikes seen before last spring.

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Home . News. Marketplaces. By that I mean the listing vanishes as if it never existed. The days I might not have the time to do brand new listings , I can fall back on those for some quick changes and have them up. eBay likes to see new things added on a regular basis and that fills the bill.

It's three words no agent wants to see attached to a listing : back on market . What was once new can instantly morph into old before a buyer's very eyes. How To Take Advantage of a Sellers Market . Are You Making This #1 Home Selling Mistake?

But not everyone agrees the market is on the verge of a rebound. BMO's Porter says bond yields, which influence mortgage rates, are "still grinding higher," suggesting still-higher borrowing costs on the horizon for Canadian homebuyers. That could put more downward pressure on housing.

"Don't look for a quick turn in the market anytime soon," he wrote.

Also on HuffPost:

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This article originally appeared on AMP: HuffPost Canada at https://www.huffingtonpost.ca/2018/05/17/toronto-new-home-listings_a_23436420/

Greater Toronto New Home Sales Clock Their Worst April In Decades .
Greater Toronto New Home Sales Clock Their Worst April In DecadesThe city has gone from earning descriptions like "record high home sales" a few years ago to superlatives like "biggest price drop in 17 years" in more recent months.

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