After a year that has seen prices fall by over 10%, a 30% reduction in new home sales, and a surplus of resale listings and new home inventory through the first two quarters, the last two quarters of 2019 saw a remarkable rebound.
2017 and the first half of 2018 saw the effect of one policy after the other introduced by municipal, Provincial, and Federal levels of government to “cool” the market, stem the double-digit gains in property values, and address affordability.
The situation reversed in the last two quarters of 2019. Sales recovered to levels equal to the ten-year average, and prices which had been off an average 10 percent, slowly crept upwards to being within 2018 values by three or four percent.
