The Greater Toronto Area’s real estate market had a rough start. Stricter mortgage rules, sky-high prices, the foreign buyer tax, and increased interest rates all slowed down the market earlier this year.
However, Toronto’s real estate market began to bounce back during the summer months. The number of home sales and the average price of sale has increased. New data shows the market is making modest year-over-year gains.
The average selling price of all house types saw an increase in September compared to last year. Selling prices increased by 2.9%, making the average price $796,786. The number of transactions also rose by 1.9% compared to September 2017.
While the average price of homes has risen year-over-year, the number of available units has gone down. Toronto’s market continues to tighten. There is about 500 fewer, 3.1%, listing compared to September of last year.
Real estate experts are excited about these recent gains in the market, however small. It shows that the market is bouncing back after it’s initial slow start this year. TREB expects these gains to continue into Fall which is also encouraging.