Graeme Roy/The Canadian PressDavid Fleming of Bosley – Toronto Realty Group Inc. has already seen some signs that new buyers have entered the market this year. He’s seen only a sprinkling of new listings, however.Story continues below advertisementStephen Poloz, governor of the Bank of Canada, said recently that he’s on the alert for froth in the Canadian market after the 2019 rebound.
In one case, a tiny townhouse arrived on the market with an asking price below $600,000 and no offer date.Judging by the handful of sales so far, buyers pounce quickly and offer amounts that surprise seasoned agents.Story continues below advertisementAnother harbinger is the ratio of sales-to-new-listings. In December it stood at 125 per cent, Mr. Fleming estimates. The last time the barometer was that high was in December, 2016, when it stood at 127 per cent.Mr.
Mr. Fleming doesn’t have any explanation for why the condo sold so quickly at the higher price except that he believes that new house hunters are entering the market.Story continues below advertisement While the country’s economic growth cooled further in 2019, he says, the housing market strengthened as other sectors weakened.Mr. Guatieri believes the fastest rate of population growth in three decades – at 1.5 per cent on a year-over-year basis – should keep the upswing in the housing market going. The pace of growth will likely be more modest in 2020 than in 2019, he cautions.
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