Latest news with #JasonMercer
CTV News
04-06-2025
- Business
- CTV News
Greater Toronto home sales fall 13.3 per cent in May: board
The Toronto Regional Real Estate Board says 6,244 homes were sold in May, down 13.3 per cent year-over-year. A west-end Toronto home for sale is shown in a July 15, 2023 file photo. THE CANADIAN PRESS/Graeme Roy TORONTO — Home sales in the Greater Toronto Area remained weak in May while inventory levels were up — giving more negotiating leverage to potential homebuyers. The Toronto Regional Real Estate Board says 6,244 homes were sold in May, down 13.3 per cent year-over-year. Meanwhile, new listings reached 21,819 last month, up 14 per cent year-over-year. The board's chief information officer Jason Mercer says even as average selling prices and borrowing costs have come down from last year, softening economic confidence is affecting home-buying decisions. Mercer says once households are convinced that trade stability with the United States has been restored, home sales will pick up again. The average selling price decreased four per cent compared with a year earlier to $1,120,879, and the composite benchmark price, meant to represent the typical home, was down 4.5 per cent year-over-year. This report by The Canadian Press was first published June 4, 2025.
CTV News
04-06-2025
- Business
- CTV News
Greater Toronto home sales fall 13.3 per cent in May: board
The Toronto Regional Real Estate Board says 6,244 homes were sold in May, down 13.3 per cent year-over-year. A west-end Toronto home for sale is shown in a July 15, 2023 file photo. THE CANADIAN PRESS/Graeme Roy TORONTO — Home sales in the Greater Toronto Area remained weak in May while inventory levels were up — giving more negotiating leverage to potential homebuyers. The Toronto Regional Real Estate Board says 6,244 homes were sold in May, down 13.3 per cent year-over-year. Meanwhile, new listings reached 21,819 last month, up 14 per cent year-over-year. The board's chief information officer Jason Mercer says even as average selling prices and borrowing costs have come down from last year, softening economic confidence is affecting home-buying decisions. Mercer says once households are convinced that trade stability with the United States has been restored, home sales will pick up again. The average selling price decreased four per cent compared with a year earlier to $1,120,879, and the composite benchmark price, meant to represent the typical home, was down 4.5 per cent year-over-year. This report by The Canadian Press was first published June 4, 2025.
Yahoo
04-06-2025
- Business
- Yahoo
Greater Toronto home sales fall 13.3 per cent in May: board
TORONTO — Home sales in the Greater Toronto Area remained weak in May while inventory levels were up — giving more negotiating leverage to potential homebuyers. The Toronto Regional Real Estate Board says 6,244 homes were sold in May, down 13.3 per cent year-over-year. Meanwhile, new listings reached 21,819 last month, up 14 per cent year-over-year. The board's chief information officer Jason Mercer says even as average selling prices and borrowing costs have come down from last year, softening economic confidence is affecting home-buying decisions. Mercer says once households are convinced that trade stability with the United States has been restored, home sales will pick up again. The average selling price decreased four per cent compared with a year earlier to $1,120,879, and the composite benchmark price, meant to represent the typical home, was down 4.5 per cent year-over-year. This report by The Canadian Press was first published June 4, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
Toronto home sales rise the most in four months on improved affordability
By Fergal Smith TORONTO (Reuters) -Greater Toronto Area home sales in May posted their biggest increase in four months, and prices edged higher as homebuyers took advantage of the recent improvement in affordability, Toronto Regional Real Estate Board data showed on Wednesday. Seasonally adjusted sales increased 8.4% on a month-over-month basis to 4,693 units, the second straight month of gains and the biggest increase since January. TRREB's home price index edged up 0.1% to C$992,800 ($723,615), which was the first increase since November. The Greater Toronto Area (GTA) includes Toronto, Canada's most populous city, and four surrounding regional municipalities. 'Looking at the GTA as a whole, homebuyers have certainly benefited from greater choice and improved affordability this year," TRREB President Elechia Barry-Sproule said in a statement. On a year-to-year basis, the price index was down 4.5%, while sales declined 13.3% and new listings were up 14%. Lower borrowing costs have also contributed to improved affordability. The Bank of Canada has lowered its benchmark interest rate by 2-1/4 percentage points since June 2024 to support the economy, which is expected to slow as the U.S. wages a trade war. "All else being equal, sales should be up relative to 2024," said Jason Mercer, TRREB's Chief Information Officer. "The issue is a lack of economic confidence." Canada sends about 75% of its exports to the U.S. ($1 = 1.3720 Canadian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-05-2025
- Business
- Yahoo
TRREB: Preconditions for Housing Rebound in Place Once Economic Confidence is Restored
Toronto Regional Real Estate Board TORONTO, May 06, 2025 (GLOBE NEWSWIRE) -- April home sales followed the regular seasonal trend with an increase relative to March. However, total residential transactions in the Greater Toronto Area (GTA) were down compared to the same time last year, as potential buyers continue to wait for lower borrowing costs and for certainty about the trajectory of the economy. 'Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States. If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied,' said TRREB President Elechia Barry-Sproule. GTA REALTORS® reported 5,601 home sales through TRREB's MLS® System in April 2025 – down by 23.3 per cent compared to April 2024. New listings in the MLS® System amounted to 18,836– up by 8.1 per cent year-over-year. On a seasonally adjusted basis, April home sales edged up month-over-month compared to March 2025. The MLS® Home Price Index Composite benchmark was down by 5.4 per cent year-over-year in April 2025. The average selling price, at $1,107,463, was down by 4.1 per cent compared to April 2024. On a month-over-month seasonally adjusted basis, the average selling price was down. 'Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA. Buyers took advantage of this choice when negotiating purchase prices, which resulted in a lower average price across market segments compared to last year. Lower prices coupled with lower borrowing costs translated into more affordable monthly mortgage payments,' said TRREB Chief Information Officer Jason Mercer. 'Right now, resale housing supply is increasing in the GTA. However, as demand picks up and the population continues to grow with immigration, we will need to build more homes. Pre-construction sales have trended lower over the past year and therefore we will continue to see fewer housing starts. This means the supply pipeline will ultimately run dry. TRREB will be continuing to work with all levels of government on initiatives that promote fair and equitable taxation, reduce barriers for first-time homebuyers, and expand housing supply options throughout the province,' said TRREB CEO John DiMichele. Please note: The PropTx MLS® System, of which TRREB is a part, has added a number of new client boards over the last year. Many of these boards' Members trade within the Greater Toronto Area and broader Greater Golden Horseshoe regions. As a result, historic data have been updated to reflect the addition of these boards' listings and transactions. This means historic data have changed relative to previously published static reports. To view updated historic data, click here. April 2025 April 2025 April 2025 Year-to-Date 2025 Year-to-Date 2025 April 2025 READ THE FULL REPORT
