Real Estate

Locked: Greater Toronto home sales in October up 6% from year ago

  • Last Updated:
  • Nov 6th, 2018 7:53 am
[OP]
Sr. Member
Nov 10, 2017
505 posts
280 upvotes

Greater Toronto home sales in October up 6% from year ago

https://www.cbc.ca/news/business/treb-o ... -1.4892473

Greater Toronto home sales in October up 6% from year ago

Strong demand for condos and low-rise units powers demand
CBC News


The Toronto Real Estate Board is reporting a six per cent increase in home sales last month compared to the same month a year earlier, with strong demand for condos and low-rise units.

The emerging seller's market for homes was strongest in the city of Toronto, driven by a 10.9 per cent increase in the home price index for condos, which compares an equivalent unit from year to year.

The average sale price of a home for October 2018 in the GTA was up 3.5 per cent on a year-over-year basis to $807,340.

The average sale price for a condo was $603,153 in Toronto, compared to $461,013 in the 905. That's a 4.1 per cent change year over year in the average price.

A detached house in Toronto came with an average price tag of $1.3 million, compared to $914,000 in the 905, reflecting a more modest increase of one per cent.

Supply of homes is tightening, with sales up and new listings down, according to TREB President Garry Bhaura. There were 14,431 new listings in the GTA in October 2018 — down 2.7 per cent compared to October 2017.

The market cooled in the spring when the federal government introduced new stress tests for homeowners and borrowing costs rose. Further interest rate hikes are expected in the coming year. But Baura remains optimistic about real estate sales, though he doesn't expect a return of the 2016 boom in housing prices.

"Many households in the Greater Toronto Area remain upbeat on home ownership as a quality long-term investment. A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019," Bhaura said.
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8 replies
Member
Jun 19, 2017
449 posts
691 upvotes
Was this article authored by TREB? Breaking news - sales up 3% over the slowest October since 2009. Surely we will return to 30% price gains again come spring. Never mind the that 2018 will end with similar sales volume to 2008, no need to talk about that, it's a stable balanced market, no risks here.
Deal Fanatic
Feb 29, 2008
7889 posts
2988 upvotes
Qrewpt wrote:
Nov 5th, 2018 10:30 pm
Was this article authored by TREB? Breaking news - sales up 3% over the slowest October since 2009. Surely we will return to 30% price gains again come spring. Never mind the that 2018 will end with similar sales volume to 2008, no need to talk about that, it's a stable balanced market, no risks here.
You sound upset. Why?
Penalty Box
User avatar
Aug 11, 2005
3927 posts
1249 upvotes
But prices are down massively!

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google NotDoug
Penalty Box
User avatar
Aug 11, 2005
3927 posts
1249 upvotes
Toronto proper getting rekt, prices down even if sales are up!

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google NotDoug
Member
Jun 19, 2017
449 posts
691 upvotes
JayLove06 wrote:
Nov 5th, 2018 10:31 pm
You sound upset. Why?
I was aiming for sarcasm, not anger. Maybe I missed the mark.
Deal Addict
Jan 26, 2016
1207 posts
941 upvotes
Toronto, ON
Job market red hot, rental vacancy record lows, rents skyrocketing, nafta 2.0 back in place... Seems like a promising future for one of North America's most prosperous, educated, and safest economic powerhouses with polls consistently ranking it as top for quality of life globally.
Deal Fanatic
Feb 29, 2008
7889 posts
2988 upvotes
Qrewpt wrote:
Nov 5th, 2018 11:08 pm
I was aiming for sarcasm, not anger. Maybe I missed the mark.
Yea... I think so. Lol

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