Short supply tightens the GTA market.
In October, home sales continued to climb in Toronto. According to the latest market report from the Toronto Real Estate Board (TREB), 7,492 sales were reported through its multiple listing system – a 6% increase compared with October 2017.
Prices rose, too, both compared with October 2017 and September 2018. The average sale price in October 2018 was $807,340, marking a year-over-year increase of 3.5% and a month-to-month increase of 1%.
“Annual sales growth has been positive since the late spring. While the OSFI stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the Greater Toronto Area remain upbeat on homeownership as a quality long-term investment,” says Garry Bhaura, TREB president.
The number of new listings entered in the MLS dropped in October when compared with the year prior; there were 14,431 new listings, which is 2.7% less than what was recorded in October 2017. Increased sales, rising prices, and fewer listings mean that market conditions have continued to tighten in the GTA.
“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area,” says Jason Mercer, TREB director of market analysis. “All levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market.”
Condos lead the GTA housing pack.
Real estate prices hit an average of $807,340 in October 2018, rising 3.5% compared with October 2017. Leading the gains? Condos.
Average condo prices rose by a whopping 7.5% last month from a year earlier, while detached home prices increased by just 1%. The demand for condos remains strong in part because they stay more accessible for a higher number of buyers than detached homes. The average price for a detached house in the GTA was $1,019,416 in October, while the average price for a condo was $562,523.
Condo sales rose last month, too. In the 905 regions, 608 condo sales were reported through Toronto Real Estate Board’s (TREB) MLS. In the 416 area, there were 1,519 sales. Overall, condo sales increased by 5.5% compared to October 2017.
“Annual sales growth has been positive since the late spring,” says Garry Bhaura, TREB president. “Many households in the Greater Toronto Area remain upbeat on homeownership as a quality long-term investment.”
Of 14,431 new listings entered into the MLS in October, 3,401 were condos. However, listings are down overall by 2.7% when compared with October 2017. Increased sales and prices and decreased listings point to a tight market.
“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area,” says Jason Mercer, TREB director of market analysis.