The Toronto Real Estate Board says that there is a resurgence in demand for housing ownership, as the Greater Toronto Area housing market looks almost fully recovered from the shake-ups introduced in 2017 with the Ontario Fair Housing Plan and tighter lending rules.
TREB reported 6,839 sales through the MLS system, up 8.5 per cent from last August. The average property in the GTA now sells for $765,270, up 4.7 per cent year over year.
“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,” says TREB President Garry Bhaura.
Sales increased for all housing types except for semi-detached, which softened 1 per cent. Detached houses for sale are up an incredible 17.7 per cent from last August, all the more noteworthy because sales plunged upwards of 30 per cent earlier this year. Condos are stable at 0.7 per cent growth, and experienced rapid growth in the 905. Townhouse sales are up 5.6 per cent.
These homes are taking slightly longer to sell than they were last August, lasting 27 days on the market compared to 25 days.
Nevertheless, all property types show price growth cross the entire TREB region, notwithstanding tiny declines, at just a fraction of a per cent, for semi-detached and townhouses in the City of Toronto.
Condos are up 6.4 per cent to $541,106 in the GTA, while detached houses are mostly stable, up only 1.2 per cent to $977,187. Semi-detached and townhouses are both up just over 3 per cent to $741,873 and $624,472 respectively.
If those prices scare you, look up homes for sale in London, Ontario, where you can still buy a fully detached house for the price of a condo in the outermost TREB regions, because it doesn’t look like a dip in the GTA market is going to happen again any time soon.
“Many GTA neighbourhoods continue to suffer from a lack of inventory. This could present a problem if demand continues to accelerate over the next year, which is expected,” said Jason Mercer, director of market analysis for TREB.
In other words, unless sellers start listing their homes en masse, or Toronto stops being a prime destination for both international and domestic migration, we’re looking at prices continuing to climb for the foreseeable future.
Check out the infographic below for the full data package:
Zoocasa.com is a leading real estate company that combines online search tools and a full-service brokerage to empower Canadians to buy or sell their homes faster, easier and more successfully. Home buyers can browse real estate listings on the website or the free iOS alty