Toronto home sales back on the rise over the last month
June showed “positive signs” when it comes to the real estate market and home sales in the Greater Toronto Area.
According to the Toronto Real Estate Board’s (TREB) latest report, home sales were up 2.4% last month compared to June 2017.
TREB also states that after preliminary seasonal adjustment, sales were up 17.6% on a monthly basis between May 2018 and June 2018, continuing the trend of “somewhat volatile month-over-month changes over the past year.”
They attribute this to homebuyers reacting to various policy changes impacting the market.
“Market conditions appear to be tightening, with sales accounting for a greater share of listings, as new listings have dropped compared to last year,” said TREB President Garry Bhaura.
Meanwhile, in the GTA, the average selling price went up by 2% on a year-over-year basis to $807,871.
In Toronto, average home buying costs skyrocketed to $870,559, compared to last year’s $827,802.
With a new provincial government in place, TREB says it will continue to speak out for home buyers, sellers, and renters.
“We look forward to working with all returning and newly elected MPPs, and speaking out during the municipal election campaign, to ensure that home ownership and housing affordability issues are a top priority for elected officials,” said Bhaura.