Toronto sees an 8.5% Increase in Real Estate Sales In August - Penny Brown

Penny Brown

Toronto sees an 8.5% Increase in Real Estate Sales In August

02 October 2018
Penny Brown

Toronto sees an 8.5% Increase

in Real Estate Sales In August

Toronto Real Estate Sales

The first half of 2018 saw a slowdown in Toronto's real estate market sales, but we are now beginning to see postive change in the 3rd quarter. August proved to be a much stronger month up 8.5% over the same period in 2017.

The Toronto Real Estate Board (TREB) said on Thursday that August saw 6,839 homes in the region sold through MLS. The average selling price also rose 4.7 per cent to $765,270 from $730,969 in August 2017. It was the third month of year-over-year sales growth for the region, with July up 18.6 per cent from a year earlier and June up 2.4 per cent.

TREB President Garry Bhaurasaid ``It is encouraging to see a continued resurgence in the demand for ownership housing,'' and attributed the increases to homebuyers entering into the market after holding off on purchases because of stricter mortgage regulations and Ontario's Fair Housing Plan, which introduced a foreign buyers tax and speculation fees on vacant homes in April 2017.

I was at a presentation last week and heard from TREB’s director of market analysis that while sales are up, listings growth is down resulting in a lack of inventory.

What does all of this information mean? It means the market is improving slowly and has been for 3 months straight and we see no indication of this changing in the near future. We still see inventory lower which is moving housing cost up at this time. With sales rising and inventory continuing to be lower, owners, who have been holding off on selling, may want to reconsider.