Toronto Real Estate Market Watch 10/18
Kids are back to school, the days are getting cooler, and the fall market has begun! The market continues to show signs of steady recovery, as the annual pace of growth is improving. There was a reported 6,455 MLS sales in September 2018 which marks a 1.9% year over year increase from last September.
As we’ve stated in previous market reports, the recovery from the wavering effects of the Fair-Housing Plan is promising – current homeowners who bought before the plan was enacted can breathe a sigh of relief, as their real estate investments have seen annual growth of up to 2.9%.
Due to this resurgence, sellers are feeling more confident and are excited to get their properties on the market, with 15,920 new listings hitting MLS in September! That’s a huge increase of 30.8% from August. This flood of new listings across every home type has pushed the market into a buyer-friendly zone.
In numbers, semi-detached and townhouses were up by 5.3% and 4.1% in price, and 2.7% and 8.5% in sales. Detached homes dropped slightly by 0.6% in the average price sold, but sales were still up by 2.7%.
However, supply is still lower than 2017 numbers, prompting TREB to warn that tightening supply could once again put upward pressure on home prices, since buyers are having trouble finding a home that meets their needs. With an ever-growing population, the need for new inventory is always present.
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