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.
The start of summer is typically a slower time for real estate, but that trend reversed in June – with 8,082 homes sold, the month ushered in the first year-over-year sales increase since December, according to the latest numbers from the Toronto Real Estate Board.
While sales were up just 2.4% since June 2017, this is still a reversal from double-digit declines between 20-30% recorded in the first half of the 2018.
The April real estate numbers are in for the Greater Toronto Area, revealing another double-digit plunge for sale and prices, compared to the same time last year. Activity in the region has fallen 31.1 per cent with 7,792 homes sold, prompting prices to soften 12.4 per cent to an average of $804,584.
This slower sales and price appreciation is in sharp contrast to the red-hot conditions that defined the spring 2017 real estate market, before the province stepped in with the Fair Housing Plan. The 16-part set of measures was designed to cool the Greater Golden Horseshoe, including regions such as Mississauga, Brampton and the Hamilton real estate market, as well as the City of Toronto.
Toronto real estate sales continue to perform well below March 2017 levels, with the latest data from the regional real estate board revealing a 39.5-per-cent drop in activity.
Just 7,228 homes were sold last month, a stark contrast to the record-breaking 11,954 the year prior, reports the Toronto Real Estate Board. It’s the third month in a row that 2018 home sales have failed to improve year over year, measuring 17.6 per cent lower than the 10-year average.
New listings also detracted 12.4 per cent, with 14,866 homes up for sale. Prices have followed suit, softening 14.3 per cent to an average of $784,558.
The February data is in for the Toronto real estate market, and the numbers reveal activity continues to decline from last year’s levels; sales have fallen 34.9 per cent and prices 12.4 per cent to an average of $767,818, compared to February 2017.