Toronto property prices finally up: TREB June report

By: Zoocasa

If you’re a Torontonian and find yourself perusing Calgary real estate or Edmonton homes for sale  during your lunch hour, you’re not alone. It can be extremely tempting to move out west to cities with a strong employment rate, a robust economic landscape and most predominantly, an affordable housing market.   

But here we are in Toronto, where the Toronto Real Estate Board has just released its data for June 2018, and it appears that the market has largely recovered from any slump experienced since last April, when Ontario announced its Fair Housing Plan and the bank regulator tightened  mortgage lending rules.

“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,” says Garry Bhaura, the new TREB president.

To that end, both sales and prices are up mostly across the board, for the first time in 2018. Sales are up 2.4 per cent, after declining as steep as 30 per cent earlier this year. 8,082 properties were sold in the Greater Toronto Area this June, compared to 7,893 last year.  Overall property prices are also up by 2 per cent to $807,871.

No property types are available for under half a million dollars in the 416 now, with condos being the least expensive property type and going for $605,530, or 9.5 per cent higher than last year. A detached house will set you back over $1,350,000, 2.4 per cent less than last year. (Detached houses are the only market type to decline in price, and even then it’s just slightly.)

The 905 is a bit more affordable, with condos available for just 3.4 per cent more than last year, at $450,672. A detached house is 1.8 per cent less and is now under $1 million, at about $930,000.

Looking forward, it looks like prices are likely to continue to rise. New listings are down almost 18.6 per cent, meaning that the severe undersupply the GTA was already experiencing is likely to remain bad, and potentially get worse. With demand stable or rising, prospective buyers will likely be pressured to make fast purchasing decisions and experience increased competition.

Check out the infographic below for all the details on the June 2018 GTA housing market:

 

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