Hover or click over a community to see the local sale prices from July.
The July stats are out and they continue to show signs of a strong and healthy Toronto real estate market. TREB reported an increase in sales year-over-year by 18.6% but a decrease in new listing of 1.8%. The lack of inventory, but increase in demand as buyers move off the sidelines, has put upward pressure on Toronto home prices.
Most buyers by now have adjusted to the fair housing plan changes and even the recent interest rate hikes. TREB’s director of market analysis Jason Mercer comments, “Home buyers in the GTA recognize that ownership housing is a quality long-term investment.”
When it comes to Toronto’s 416, condos continue to show the strongest price growth, up 9.2% overall to $582,547 while semi-detached houses saw a healthy price growth at 7.4% from 2017. The average selling price of a Toronto home increased by 4.8% in the same time frame, up to $782,129.
The month-over-month stats for each municipality however are quite varied and not all positive. Of note this month though is that most municipalities are up on a year-over-year basis. The Toronto real estate market is showing signs of its continued strength. Check your local municipality’s price growth since July of 2017 in the chart below.