Hous­ing mar­ket sees de­cline in York Mills

Sales in June were down more than 50 per cent com­pared to last year by Sa­man­tha Peksa

Bayview Post - - News -

Toronto’s once-boom­ing real es­tate mar­ket is in a cool­ing off pe­riod, ac­cord­ing to a re­port by the Toronto Real Es­tate Board (TREB), and al­though cer­tain pock­ets in Mid­town are still per­form­ing well, York Mills is see­ing a de­cline in house sales.

Barry Co­hen, a re­al­tor with Re/Max Real­tron who spe­cial­izes in the sale of high-end homes in the York Mills area, said it is ex­pe­ri­enc­ing a lull.

“The GTA is head­ing in the short-term to a more bal­anced buyer-seller mar­ket. York Mills is in a buyer’s mar­ket at this point in time,” said Co­hen.

This past June,TREB’s C12 Ward, which en­com­passes ap­prox­i­mately 80 per cent of York Mills, sold less than half the sin­gle-de­tached homes it did in June of 2016 de­spite the fact that there were more list­ings on the mar­ket.

Ac­cord­ing to Co­hen, only 14 sin­gle-de­tached homes were sold in the month of June, out of 84 homes up for sale. In June 2016, 38 sin­glede­tached homes were sold out of 61 list­ings. The year be­fore that, in June 2015, 28 sin­gle de­tached homes were sold out of 100.

Co­hen said the drop in sales could be at­trib­uted to a num­ber of dif­fer­ent fac­tors, in­clud­ing Kath­leen Wynne’s On­tario’s Fair Hous­ing Plan (OFHP).

The OFHP an­nounce­ment, which in­cludes a new 15 per cent Non-Res­i­dent Spec­u­la­tion Tax (NRST) on the price of homes in the Greater Golden Horse­shoe,

“York Mills is in a buyer’s mar­ket at this point in time. ”

came in April.

“We are in a pe­riod of flux that of­ten fol­lows ma­jor gov­ern­ment pol­icy an­nounce­ments pointed at the hous­ing mar­ket,” said Tim Syr­i­anos, pres­i­dent of TREB in a press re­lease which also noted that the great­est home sales de­clines were for singe-de­tached homes. Co­hen said the OFHP may af­fect York Mills more than other ar­eas. “York Mills is a lit­tle more in­flu­enced by the Asian buyer, who is ex­pe­ri­enc­ing some con­straints. I think there is a larger per­cent­age in North York ... and many of them are sit­ting on the side­lines,” he said.

How­ever, Co­hen cau­tioned that the num­bers from June look at a par­tic­u­lar point in time, just months af­ter the bud­get an­nounce­ment, and noted the de­cline has also been driven by the me­dia to a cer­tain de­gree.

“It’s a self-ful­fill­ing prophecy when you’re look­ing at a week-to-week change. If Kath­leen Wynne was the start­ing point, you can ac­tu­ally see the growth rate up un­til March ... Then just af­ter her bud­get, sales rose again, un­til the me­dia fo­cused on this in great de­tail in May, and then you see a con­stant de­cline since then,” he said.

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