June marked a change in temperature in Toronto – both outside and in the real estate market.
According to the latest market report from the Toronto Real Estate Board (TREB), things are looking sunnier than they have in a while. Real estate agents in the GTA reported 8,082 home sales in June, a 2.4% increase compared to June 2017. After accounting for the preliminary seasonal adjustment, home sales were also up 17.6% from May 2018 to June 2018.
Home sales weren’t the only recorded gains in June. The average selling price increased to $807,871 – a 2% increase from June 2017. The average selling price also rose by 3.3% (after preliminary seasonal adjustment) month-over-month between May 2018 and June 2018.
“After some adjustment to the Fair Housing Plan, the new Office of The Superintendent of Financial Institutions (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,” says Garry Bhaura, the TREB’s new president. There was some decline recorded in June: the number of new listings was down by 18.6% when compared with June 2017.
“The expectation is to see improvement in sales over the next year. Over the same period, however, it is likely that issues surrounding the supply of listings will persist,” says Jason Mercer, the TREB’s director of market analysis. “This suggests that competition between buyers could increase, exerting increased upward pressure on home prices.”
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