According to this article by David Fleming, nearly nearly 35% of agents in the Toronto Real Estate board did ZERO transactions in 2017. That's right, more than a third of TREB's registered members did not do a single real estate transaction in 2017. That is 17,313 agents out of TREB's 50,000 members. 17,313 agents did ZERO transactions!
When you add in the Realtors that did only ONE transaction (8,344 TREB members), then the number rises to HALF of all agents in the Toronto Real Estate board. So half of all TREB member Realtors did one or less transactions in 2017.
Can you live on only 1 transaction a year? Not likely.
Call us to see how we can help.
The Toronto Real Estate Board predicts that a slower year is coming for Toronto's housing market. 2017's overheated market sent prices soaring, but 2018 looks to have a slower market. Causes include new goverment rules and rising mortage rates.
"Federal and provincial policy decisions will act as a drag on demand for ownership housing." - Toronto Real Estate Board
If a slowing Real Estate market has gotten you down, consider parking with us.
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Starting this month, it's going to be harder to buy a house. The new federal banking regulations will require a “stress test” for borrowers of conventional mortgages to ensure that they can afford higher rates. This means that home buyers have lost significant purchasing power. The Bank of Canada estimates that this will disqualify one in ten mortgage seekers. This in turn is predicted to lead to a 10 to 20 percent decline in house prices. When you combine this with the rise in interest rates, this should keep Canada’s housing markets relatively quiet through the first half of 2018.
If a quiet Real Estate market is not what you need, consider parking with us.
Toronto's real estate board is laying the blame at the government's door for a "volatile" year that saw sales drop more than 18 per cent and prices for detached homes dropped.
Record sales in the first quarter were followed by a decline after the Ontario Fair Housing Pland was announced. The new federal governement lending guideline will also continue to effect the market well into 2018.
"Much of the sales volatility in 2017 was brought about by government policy decisions," said Toronto Real Estate Board (TREB) president Tim Syrianos in a statement.
If the market drop is causing you to consider your options, contact us to see how we can help.