| For Buyers

 Market Finishes Summer Season Strong!


Is it safe to say that the Toronto real estate market has fully recovered? According to the latest market report from the Toronto Real Estate Board (TREB), all signs point to yes.

Greater Toronto Area REALTORS® reported 6,839 sales through the MLS system in August, marking an 8.5% increase year-over-year and a month-over-month increase of 2%.

Selling prices were also up; the average selling price in August was $765,270, representing a year-over-year increase of 4.7%. Growth was seen in nearly all housing types, with the townhouse and semi-detached categories being the only exceptions, with small dips recorded for price and sales.

“It is encouraging to see a continued resurgence in the demand for ownership housing. Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year,” says Garry Bhaura, the TREB’s president.

According to Jason Mercer, the TREB’s director of market analysis, the annual rate of sales growth outpaced the annual rate of new listings growth in August, pointing to tighter supply. “Market conditions in the summer of 2018, including this past August, were tighter than what was experienced in the summer of 2017,” Mercer explains. “Many GTA neighbourhoods continue to suffer from a lack of inventory. This could present a problem if demand continues to accelerate over the next year.”

GTA Condo Market Seems to Have Made a Full Comeback


The real estate market in the Greater Toronto Area seems to have made a full comeback, according to the August 2018 market report recently released by the Toronto Real Estate Board (TREB).

The average price of a Toronto resale condo rose to $585,355, which is a year-over-year increase of 8.3%. In the 905 region, the average condo price was $440,748 in August, representing a year-over-year increase of 5.9%.

The number of overall sales held steady year-over-year, rising by 0.7%. In total, 2,000 condo sales (in the 416 and 905 regions) were reported through TREB’s MLS.

“It is encouraging to see a continued resurgence in the demand for ownership housing. Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year,” says Garry Bhaura, TREB’s president.

Good news abounded for the rest of the housing market in August, too. Sales across the board rose 8.5% year-over-year and 2% month-over-month. The average selling price overall in August was $765,270, representing a year-over-year increase of 4.7%.

The only exceptions to the growth trend in August were townhouses and semi-detached homes; small dips were recorded for both categories.

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