York Region Market Year In Review & Outlook 2019 Economic Summit

TORONTO, February 22, 2019 – The Toronto Real Estate Board (TREB) is hosting a Market Year in Review and Outlook 2019 Economic Summit in York Region, today, and will consist of multiple presentations dealing with the housing market, ideas on increasing housing supply and affordability and the broader economy.

This year’s Market Year in Review and Outlook report follows a volatile year for the housing market in 2018. For the GTA as a whole, moderate improvement in terms of sales and average selling price is expected for 2019. York Region sales have accounted for approximately 15 to 20 per cent of total sales within the TREB market area over the past decade.

“Although we won’t experience record levels, we do expect to see a better year in 2019 for sales and selling prices reported by GTA REALTORS® through TREB’s MLS® System. Many buyers who moved to the sidelines over the past year due to various government policies, including the OSFI-mandated mortgage stress test, have re-evaluated their positioning in the marketplace vis-à-vis home type, location and price point. It makes sense that Ipsos, in its Home Buyers Survey conducted for TREB, found that the share of intending home buyers has increased,” said Mr. Gurcharan (Garry) Bhaura, TREB President.

“Even though we’re seeing positive government action on a number of key housing files, one area that needs to be revisited is the imposition of the OSFI-mandated two percentage point mortgage stress test. While we saw buyers return to the market in the second half of 2018, we have to have an honest discussion on whether or not today’s home buyers are being stress tested against rates that are realistic. Home sales in the GTA, and Canada more broadly, play a huge role in economic growth, job creation and government revenues every year. Looking through this lens, policymakers need to be aware of unintended consequences the stress test could have on the housing market and broader economy,” said John DiMichele, TREB CEO.