Things are looking up in the GTA Real Estate Market
While 2017 was quite a volatile year in real estate, things are now trending upward. According to the TREB report for July 2018, there is hope for those who shied away from buying a home because of the The Office of the Superintendent of Financial Institutions (OSFI) stress test which was implemented earlier this year. In addition, the provincial election had also created some uncertainty, but since both those events have now settled into the recesses of our real estate mind set, there is optimism once again. Jason Mercer, TREB’s Director of Market Analysis, says “home buyers in the GTA recognize that housing ownership is a quality long-term investment.” The numbers show that those who were cautious about entering the market have come back to the table.
July 2017 to July 2018 (Year-Over-Year) Statistics as Provided by Toronto Real Estate Board (TREB)
- Residential sales reported through TREB’s MLS® System for July 2018 amounted to 6,961 – up 18.6% compared to July 2017.
- Over the same period, the average selling price was up by 4.8% to $782,129, including a moderate increase for detached home types.
- New listings in July 2018 were down by 1.8% year-over-year compared to July 2017.
- Active Listings in July 2018 rose 5.2% from July 2017.
In July alone, resale dollar volume reached $2.1 billion dollars in the Toronto market only, followed by Peel Region at $1.05 billion is sales, York Region at $1.00 billion and over $629 million in Halton Region. The cities within those regions outside of Toronto that had the most activity were:
It is also interesting to note that the average cost for all product types was lower in the 905 region than the City of Toronto. For example, a detached home in Toronto is averaging around $1.35 million while in York Region, the price is almost $1.15 million – not that big of a difference.
Overall, the market surrounding Toronto is holding its own and trending upwards. The numbers indicate there is much to be positive about. In the 905 region, sales were up across all products while the average price held steady for detached and climbed slightly for semis and towns. Condos saw a year-over-year increase of 19.4% in sales, and 8.9% in price – a very healthy number. In this market, it’s all about finding the right price point in an area that offers the right lifestyle for you and your family.
While the housing market looks daunting to many, it’s still the best investment you can make in the long run. Over the years, prices always climb, so if you’re not in the market, now is as good a time as any to take the plunge. You have some positives working for you: the market is more balanced; bidding wars are down, and you have a better chance at getting the house you want without having to pay over asking. Of course, if you’re on the selling end, new listings are down while sales and prices are increasing, so if not now, then be ready to take action soon.
For more information about our services and help with buying or selling your home throughout the GTA, contact us today!