| Blogs for News Junkies

Fall Weather Hasn’t Cooled the GTA Market.


Temperatures may be dropping, but the Toronto real estate market is warming up.

Home sales and sale prices in the Greater Toronto Area continued to make gains in September. According to the Toronto Real Estate Board’s (TREB) most recent market report, GTA Realtors reported 6,455 sales through the MLS system in September – an uptick of 1.9% compared with September 2017. The average selling price was $796,786, representing a year-over-year increase of 2.9%. The report did note one area of decline; new listings entered into the MLS were down by 3.1% compared to September 2017. As TREB points out, an increase in sales and decrease in new listings points to tightening market conditions.

“While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment,” says Garry Bhaura, TREB’s president. “As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand.”

The Toronto Real Estate Board points to a policy focus on “increasing mid-density housing options throughout the GTA” as being an important issue in the region. As Jason Mercer, TREB’s director of market analysis, explains, “Annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses. In many neighbourhoods, these home types provide more affordable home ownership options.”

Condo market remains in high demand.


The Greater Toronto Area condo market enjoyed a healthy September, according to the latest market report from the Toronto Real Estate Board (TREB).

In the 416 region, the average price of a condominium apartment hit $615,582 in September, representing a year-over-year increase of 11.7% when compared with September 2017. Similar activity was recorded in the 905 area, where the average condo apartment price – at $455,686 – was 6.5% higher than the September prior. The upward trend was slightly different when it came to the number of condo sales recorded in September. While 905 sales were three percent higher than in September 2017, 416 sales decreased by 5.5%.

“As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand,” says Garry Bhaura, TREB’s president. He pointed to higher borrowing costs and challenging mortgage qualification rules as being partly responsible for keeping sales levels off the “record pace” set back in 2016.

Condo supply may be an ongoing area of concern, as the housing type represents a “way in” for young and first-time buyers. “Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses,” says Jason Mercer, TREB’s director of market analysis. “In many neighbourhoods, these home types provide more affordable home ownership options. This is why a policy focus on increasing mid-density housing options throughout the GTA is important.”

Leave A Comment

Your email address will not be published. Required fields are marked *