Both home sales and prices are stable this September and slightly higher year over year in the Greater Toronto Housing market.
The Toronto Real Estate Board (TREB) recently announced that sales were up 1.9 per cent to 6,455 transactions while the average selling price for September 2018 was up 2.9 per cent year over year to $796,786.
“It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year’s lows,” said TREB president Garry Bhaura.
Ontario is often thought to be the most expensive province for real estate – a perception created from the fact that it’s home to the Toronto housing market, one of the hottest in the nation.
Interestingly enough, according to recent data compiled by Zoocasa, Toronto doesn’t hold the top spot for Ontario’s most unaffordable housing market. That would actually be Richmond Hill, a residential Greater Toronto Area suburb where locals earning the median household income of $88,535—$47,962 short of the income required—would have some difficulty purchasing a home at the average price of $999,311. Comparably, a Torontonian earning the median household income of $ 65,829 would find themselves $41,282 short of the income required to purchase a home in 416.