On the MLS system of TREB for the York region, the new listings also witnessed a decline from the count of 36967 in the year 2017 to the count of 33471 in the year 2018.
The existing homes that have been sold in the York region has fallen to a percentage of 22.9 in 2018 from 2017, according to the figures that were released on January 4 by the Board of Real Estate of Toronto. In the year 2018, 11858 of existing homes within the region had been sold, with further expenditure than an amount of $10 billion over them. In 2017, there were exactly 14926 sales which made a spending of total $15.8 billion. On the MLS system of TREB for the York region, the new listings also witnessed a decline from the count of 36967 in the year 2017 to the count of 33471 in the year 2018. Moreover, the average prices of home of different types also witnessed a downward spiral, going to $915713 from $1 million or more.
Markham registered the highest homes existing sales number within the region of York, at 3309, having in volume more than the amount of $2.7 billion for 2018, which scored it the first position among all the competitors. The second position was taken up by Vaughan at sales of 2889, but it still witnessed the highest volume of dollar within the region with $2.8 billion. The third position went to Richmond Hill at sales of 1990, with $1.9 billion trade volume. The decline of home sales reflected the effects of the tightening over rates of hiking interests and mortgage rules done by the Central Bank of Canada to take out the highly indebted borrowers of mortgage.
As the Central Bank of Canada held its rate of benchmark interest at a percentage of 1.75 in December, the recent report given by Economic Research RBC said that the affordability of homes in Canada took the lowest dip in the last 28 years and 2019 does not seem any better. Greater Toronto Area reported residential transactions of a total 77426 through the system of MLS in the year 2018, representing 16.1 percentage decline as compared to the sales of 92,263 that were reported in the year 2017.
The total fresh listings that were entered into MLS also went down by a percentage rate of 12.7 over that same period, which fell to 155823. In addition to all that, there was also seen that the overall selling price average for the transactions of 2018, at $787300, went down a percentage of 4.3 year after year for homes of all types across the market area of TREB combined. New listings with the decrease in numbers, underscore how home affordability has gone for a toss in Canada and 2019 brings no angelic hope of resolution. However, with prices coming down, there should be improvements in affordability going forward and real estate sales could also increase as a result.