GTA Real Estate Market Report June 2018

Positive Signs With Respect to the Housing Market in June 2018

Greater Toronto Realtors reported 8,082 residential sales through the Toronto MLS system in June 2018. The number of transactions in June represented a 2.4% increase compared to 7,893 transactions reported in June 2017.

For the region as a whole semi-detached homes in the GTA experienced the largest sales increase at 8.1%.

The number of new listings reported in June 2018 was down by 18.6% compared to June 2017. The number of active listings reported in June 2018 was up by 5.9% compared to June2017.

“Home ownership has proven to be a positive long-term investment. After some adjustment to the Fair Housing Plan, the new OSFI stress test requirement and generally higher borrowing costs, home buyers are starting to move back into the market, with sales trending up from last year’s lows. Market conditions appear to be tightening, with sales accounting for a greater share of listings, as new listings have dropped compared to last year,” said Gary Bhaura, TREB’s President.

The average price in June was up by 2.0% from the same time last year to $807,871. Condo apartments in the GTA led the way in terms of an average price increase at 7.9% compared to the same time last year.

 For the full report please click HERE.

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