GTA detached home sales have struggled ever since the Ontario government introduced its Fair Housing Plan in the spring of 2017. But according to a new report, that may be starting to change.
Since June, the sale of $600,000 to $900,000 single-detached homes to first time buyers has increased 22 per cent year-over-year, according to RE/MAX data.
A growing population seems to support the demand for single-detached homes.
Prices have also been steadily rising for months and homes within the downtown core are selling within an average of spending eight days on the market.
But the real story here? After all the government intervention, the demand in the real estate market has been enough to keep pushing prices upwards.
After a new stress test was introduced in January, home buyers were cautious and took some time to consider whether they wanted to re-enter the market. Now that the market has seemingly adjusted to the effects of the test, sales will continue to rise heading into the fall months.