The Toronto housing market has been showing signs of rebounding for months. ] Home sales and average prices in the Greater Toronto Area increased in June, which the local real estate board has described as "positive signs" in a market hit by new mortgage qualification rules and provincial measures. The regulator of the federal banks and the former Ontario government aimed to tame prices and prevent the bursting of the debt bubble
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Sales of homes in the region rose 2.4% in June earlier, a 17.6% in May, the Toronto Real Estate Board said Thursday
that this follows a long period of monthly declines since the Bank regulator, the Office of the Superintendent of Financial Institutions, adopted new mortgage rules in January. ] The average price also rose last month, 2 percent from the previous year and 3.3 percent from May to 807,871.
The MLS Home Price Index , considered a better measure, fell by 4.8 per cent. "Homebuyers are starting to return to the market, with sales up from last year's lows," said group president Garry Bhaura, noting that this was preceded by "The Difference between year-to-year rates of change between the average price and the MLS IPM was probably due, at least in part, to a change in the composition of the properties sold in June 2018, compared to June 2017, with low-rise homes accounting for a larger share of sales in June 2018. "
Listings in the Greater Toronto Area increased by 5.9% in June. the previous year, but new listings have further dropped by 18.6%, which, according to the real estate group, could still lead to bidding wars and, consequently, to higher prices
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"We are waiting to see an improvement in sales over the next year, "said Jason Mercer, director of Markets Analysis.
"Over the same period, however, it is likely that supply problems will persist"
"This suggests that competition among buyers could increase, exerting upward pressure on house prices . "
Mr. Mercer pointed out that a new Conservative government is at the helm, under the leadership of Premier Doug Ford, and that housing supply "should be a priority" for policymakers because municipal elections are also on the agenda
. The average price of a single-detached home dropped 2.4% to $ 1.35 million in the area code of 416 and 1.8% to $ 928,560 in the region of 905. [19659022] History Continues Lower
Prices increased by 1.4% and 1.8% for semi-finished products, 5.6% and 2.4% respectively for townhouses and 9.5% and 3.4% for condos. Toronto figures followed Wednesday's release of Vancouver-area statistics, which indicated that sales had dropped to their lowest level in six years, with prices hardly changing
. his latest look at the Bank of Montreal's chief economist, Sal Guatieri, said Toronto prices could fall further as the "market balance" leans toward buyers. Apart from the high prices in Vancouver and Toronto, the Canadian housing market is unlikely to be corrected.
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Oliver Moore: The latest trolley defects leave the TTC's board to reconsider Bombardier's additional orders [19659009] The Japanese Nikkei lost 0.8 percent, the Hang Seng in Hong Kong 0.2 percent and the Shanghai Composite 0.9 percent.
In Europe, the London FTSE 100, the German DAX and the Paris CAC 40 rose 0.3 to 1.1% at around 5:40 am ET
New York futures were on the rise. it's the day before the US is set to slap tariffs on Chinese products, "Europe has rallied before returning from the US after the holidays, even though the deadline for the imposition of US tariffs is imminent, "said Chris, chief badyst at IG. Beauchamp
"Stocks performed well this week, mainly due to US vacations, but the absence of a real rebound in Asian markets strengthens the bearish trend." and tomorrow are plenty of action in terms of news and data, so investors can opt for caution at the moment. "
The Canadian dollar stands at about 76 US cents.
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What to watch today
Markets still want to know what the US Federal Reserve is thinking
And, Therefore, expect to focus on the publication of the minutes of the US central At the bank meeting in mid-June, the benchmark rate further increased by a quarter of a percentage point
Jerome Powell, President of the Federal Reserve, and Randal Quarles, Vice President
Cliff Owen / The Associated Press [19659055] "The last few minutes should indicate whether the Fed is concerned about an overrun. inflation and whether it has concerns about the current uncertainty regarding trade, which could derail these plans five times by the end of 2019, "said CMC. Chief Market Analyst M ichael Hewson.
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