Skip to main content

Market Watch for July 2018

August 3, 2018 -- Toronto Real Estate Board President Garry Bhaura announced strong growth in the number of home sales and the average selling price reported by Greater Toronto Area REALTORS® in July 2018.

"Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging. However, no one will argue that housing supply remains an issue. The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes, province-wide and additionally in the City of Toronto," said Mr. Bhaura.

Residential sales reported through TREB's MLS® System for July 2018 amounted to 6,961 – up 18.6 per cent compared to July 2017. Over the same period, the average selling price was up by 4.8 per cent to $782,129, including a moderate increase for detached home types. New listings in July 2018 were down by 1.8 per cent year-over-year.

Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per cent and 3.1 per cent respectively for sales and average price. Seasonally adjusted sales were at the highest level for 2018 and the seasonally adjusted average price reached the highest level since May 2017.

The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down slightly compared to July 2017. However, the annual growth rate looks to be trending toward positive territory in the near future.

"We have certainly experienced an increase in demand for ownership housing so far this summer. It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market. Home buyers in the GTA recognize that ownership housing is a quality long-term investment," said Jason Mercer, TREB's Director of Market Analysis.

Comments

Popular posts from this blog

ANOTHER ABSOLUTE STUNNER IN BAYVIEW VILLAGE

If You're Looking For A Bright & Spacious Bungalow That's Move-In Ready, This Is It! Warm & Inviting From The Moment You Step Inside. Thousands Spent In Upgrades Including: Updated Baths, Kitchen, Stainless Steel Appliances, HVAC & Walk Out To Private Side Yard Covered Deck w/BBQ & Natural Gas Line. A Spectacular Family Room Addition w/ Vaulted Ceilings & Extra Large Sliding Windows Sets This Bungalow Apart From Others. Separate Entrance To Finished Basement With Oversized Above Grade Windows That's Easy To Convert To An In-Law Suite, Tons Of Built In Storage, Hardwood Floors Thru-Out, Double Car Garage, 2 Fireplaces & More. Steps To TTC, Parks, Shopping & Schools. Earl Haig School District. This Is A Must See!!!! Please don’t hesitate to contact us, we’re happy to answer any questions you have.  Jason Walker  |   Realtor 416-930-3301 | 1jawalker@gmail.com

Ordering Picture Frames Online

Thanks to smartphone technology, it's now possible to send your favourite photographs and images off to a professional framing house, without leaving your home or risking damage to a precious print. All you need is a good quality digital photograph or image from your phone or camera that you can email or file transfer. In some cases, depending on the facility (and copyright laws), you may also be able to provide a high-resolution image of artwork for framing. Of course, the higher the resolution you can send, the better the quality of the results you'll receive.  But, that's just the beginning. Before committing to a particular frame, you can now use a frame service's app to test-view your photo, poster or art in position with an entire inventory of virtual framing and matting arrangements. You can try different combinations until you find the one that works best for you. You can even see how an individual piece looks on your wall or plan out an entire collage or galler

TRREB MLS® Sales-to-New Listings Ratio April 2023