Greater Toronto Realtors reported 6,961 residential sales through the Toronto MLS system in July 2018. The number of transactions in July represented an 18.6% increase compared to 5,869 transactions reported in July 2017.
region as a whole detached homes in the GTA experienced the largest sales
increase at 26.8%.
The number of new listings reported in July 2018 was down by 1.8% compared to July 2017. The number of active listings reported in July 2018 was up by 5.2% compared to July 2017.
“Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging. However, no one will argue that housing supply remains an issue. The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by the land transfer taxes, province-wide and additionally in the City of Toronto,” said Gary Bhaura, TREB’s President.
The average price in July was up by 4.8% from the same time last year to $782,129 Condo apartments in the GTA led the way in terms of an average price increase at 8.9% compared to the same time last year.
“We have certainly experienced an increase in demand for ownership housing so far this summer. It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing plan and changes to mortgage lending guidelines have re-entered the market. Home buyers in the GTA recognize that ownership housing is a quality long-term investment ,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments increased by 5.8% in July 2018. The average selling price of a Toronto condo (416 area code) increased by 9.2% in July 2018 from the same time last year to $582,547.
Condominium apartments accounted for 28.8% of total GTA sales in July while detached homes accounted for 44.0% of the total sales.
Other notable statistics include the average days on the market for July at 25 days, up from 21 days a year earlier. The sales-to-listings ratio for July 2018 was 35.3% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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