Home Sales, Prices on the Rise

Toronto Real Estate Board (TREB) President Garry Bhaura announced year-over-year increases in both home sales and average sale prices processed through TREB’s MLS® System in October 2018.

Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® System in October 2018 — a 6 percent increase compared to October 2017, while the average sale price for October 2018 was up 3.5 percent on a year-over-year basis to $807,340. The condominium apartment and higher density low-rise market segments were credited with the overall price growth.

“Annual sales growth has been positive since the late spring. While the OSFI stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the Greater Toronto Area remain upbeat on home ownership as a quality long-term investment,” said Mr. Bhaura.

There were 14,431 new Listings entered into TREB’s MLS® System in October 2018 — down 2.7 percent compared to October 2017.

“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area,” noted Jason Mercer, TREB’s Director of Market Analysis.

Interested in making a move in 2019? Please call TheMashTeam for the latest local market activity and pricing. In the meantime, please enjoy a safe and happy holiday season!