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Harvey Kalles September Real Estate Update

09.07.2018 | Real Estate Market

There is more good news this month for the Toronto real estate market! The Toronto Real Estate Board (TREB) has just released its housing data for August 2018, and for a third consecutive month, total sales are up year-over-year. The 6,839 real estate transactions represent a solid 8.5% annual gain, while at $765,270 the average sales price for all homes sold represents a 4.7% jump over the same time last year.

August sales also continue to illustrate the market’s increased appetite for low-rise housing. Of note, more detached homes were sold than any other housing category, representing 44% of the sales mix, and a gain of 17.7% from last August. Last month was the second largest year-over-year increase in the sale of single family homes since March 2017. Townhomes had the second biggest gain at 5.6%, while condominium apartments and semi-detached home sales were flat.

Despite a year-over-year price increase, the average price for homes sold in August represents a drop from July, as sellers dampen their expectations and buyers gravitate towards more competitively priced options. Looking at average prices for Central Toronto, detached homes sold for $1,244,275 (down from $1,350,700 in July); semis sold for $891,208 (down from $935,300 in July); townhomes sold for $683,160 (down from $718,698 in July); and condo apartments sold for $585,355 (up from $582,547 in July).

With an annual increase of 8.8% in active listings, supply continues to be tight across the GTA. Currently, there is roughly 2.5 months of housing supply for TREB districts and less than 2 months supply in the City of Toronto. Though buyers have found some price relief this summer, it may be short-lived as demand continues to increase.


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