Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many GTA neighborhoods, we continue to see competition between buyers for available listings, which provides a level of support for home prices.
The OSFI stress test continues to impact homebuyers ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage guidelines generally, including allowable amortization periods for insured mortgages should be reviewed.