The real estate market showed growth and strength again in July, according to the Toronto Real Estate Board (TREB).
TREB’s President Garry Bhaura said that the last two months have shown encouraging positive results.
“Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging,” he said, but added that housing supply remains an issue in the GTA.
“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 Bhaura.
Residential home sales in the GTA were up 18.6% compared to July 2017, and the average selling price was up 4.8% to $782,129.
In Toronto, the average selling price also increased and is now $824,336, compared to last year’s average of $759,423.
TREB said that the annual growth rate is trending toward positive territory in the near future.
“We have certainly experienced an increase in demand for ownership housing so far this summer,” said Jason Mercer, TREB’s Director of Market Analysis.
“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.”