Single-Detached Housing Supply Declines

A decline in the supply of single-detached housing in the GTA (Greater Toronto, ON, Area) and mortgage rates hovering well-below three per cent, accelerated demand from first-time homebuyers, says a report by RE/MAX Canada. With 11,297 active listings, this was the lowest level for June in at least a decade and down 35 per cent from the 10-year average of 17,260. It also surpasses the previous low of 12,327 reported in June 2016. Still, unit sales more than doubled in York Region (109.6 per cent), while Peel and Central Toronto posted gains of 98.2 and 96.7 per cent, respectively. Overall, sales increased across the GTA ranged from 33.3 per cent to 175 per cent. Christopher Alexander, senior vice-president of RE/MAX Canada, says, “Without a serious influx of new listings to ease the upward pressure on pricing in the coming months, the market will likely continue on this upward trajectory." He says with interest rates at historic lows, first-time buyers are rushing into the market before homeownership is beyond their financial reach.