TREB head John DiMichele noted that the governments’ focus on “allaying demand” should give way to policy solutions aimed at improving supply, especially since there will be no shortage of people wanting homes in a city with vibrant economic prospects.
In particular, a foreign buyers’ tax similar to that implemented by the B.C. government in mid-2016 would lead to “less rental supply, because the number of investors looking to purchase and rent out a property could decline.”
Such conditions might also provoke “stronger price growth in neighbouring communities/regions without a tax,” DiMichele said.
Forecasts as of November 2016 pointed at a possible 10 and 16 per cent growth in the average selling price in Toronto this year, GlobalNews.ca reported.
In a Tuesday (January 31) statement, TREB announced the possibility of double-digit increases in home prices and sales numbers in 2017. The average sale price across all housing types has been predicted to rise to $825,000, up from the previous calendar year’s $729,922.
Between 104,500 and 115,500 home sales will transpire in Toronto this year, the Board added.
MBN
We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.
Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome!
No comments:
Post a Comment