Median sale price rises in Peel and Halton

Toronto, ON

The big industry news across Canada was the recent announcement of the new Stress Test (4.64%) mortgage rule. So far in my area the new rule hasn’t made a noticeable impact on market activity. On the development front, there are a number of new construction projects underway in the west end of the GTA involving a variety of builders and dwelling types. Reviewing the market numbers, the year-over-year median sale price was up almost 4% to $705,500 in September 2016 vs. $680,000 in September 2015. Home sales slowed in September to 820 vs. the 1,147 sales recorded three months earlier in June. Inventory dropped as well in September to 2,972 vs. 3,546 in June, while the average days on market increased by two days to 16 vs. 14 in June.