Jason Walker Real Estate in Toronto

The 12-month rolling sales total shows that the recovery in sales activity has been gradual. At 79,302 homes, the annual rate of sales has increased by only 2.4% since reaching its bottom in May 2018. Activity remained 31% below its peak of 115, 620 sales in April 2017 and also 12%below the 10-year average rate of 90,564 sales. In fact, the last time annual sales were below 80,000 homes was during the economic recession period in 2009. Against the backdrop of a strong local economy and fast-growing population, pent-up demand for housing purchases is accumulating in the GTA as the market rebalances following the excessive growth last year and new mortgage rules this year.

October 3, 2018 -- 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 entered into TREB's MLS® System in September 2018 amounted to 15,920 – down by 3.1 per cent compared to September 2017. With sales up year-over-year and new listings down, market conditions became tighter. Many buyers may have found it more difficult to find a home meeting their needs.  "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. At the same, however, it is important to remember that TREB's market area is made up of over 500 communities. Market conditions have obvious...