Greater Toronto Realtors reported 6,839 residential sales through the Toronto MLS system in August 2018. The number of transactions in August represented an 8.5% increase compared to 6,306 transactions reported in August 2017.
For the region as a whole detached homes in the GTA experienced the largest sales increase at 17.7%.
The number of new listings reported in August 2018 was up by 6.0% compared to August 2017. The number of active listings reported in August 2018 was up by 8.8% compared to August 2017.
“It is encouraging to see a continued resurgence in the demand of ownership housing. Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year. In a region where the economy remains strong and the population continues to grow, ownership housing remains a solid long-term investment,” said Gary Bhaura, TREB’s President.
The average price in August was up by 4.7% from the same time last year to $765,270 Condo apartments in the GTA led the way in terms of an average price increase at 6.4% compared to the same time last year.
Sales of Toronto (416 area code) condominium apartments increased by 0.7% in August 2018. The average selling price of a Toronto condo (416 area code) increased by 8.3% in August 2018 from the same time last year to $585,355.
Condominium apartments accounted for 29.2% of total GTA sales in August while detached homes accounted for 43.9% of the total sales.
Other notable statistics include the average days on the market for August at 27 days, up from 25 days a year earlier. The sales-to-listings ratio for August 2018 was 38.3% 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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