September 2018 Market

Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB’s MLS® System in September 2018 – up 1.9 per cent compared to September 2017. The average selling price for September 2018 sales was up by 2.9 per cent over the same period to $796,786. The MLS® HPI composite benchmark price was up by two per cent year-over-year. New Listings were down by 3.1% compared to same month in 2017. It shows there are tighter market conditions in GTA where the buyers are finding diffuclt to find more listings It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year’s lows , as GTA consists of different communities, it is important to know different condition persists in different areas."While higher interest rates and harder mortgage qualifications rules have kept sales level off 2016, many househould remain positive about housing as a long term investment, As with limited supply of homes and ever increasing Immigration the supply remains concern over demand".

So the market obviously showing signs of steadying and positive long term gains. On a monthly basis, after preliminary seasonal adjustment, sales edged up by 0.2 per cent in September 2018 compared to August 2018. The average selling price, after preliminary seasonal adjustment, edged lower by 0.5 per cent month-over-month