Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® System in October 2018 – a six percent increase compared to October 2017. The average sale price for October 2018 was up 3.5 percent on a year-over-year basis to $807,340. Price growth continued to be driven by the condominium apartment and higher-density low-rise market segments.
“Annual sales growth has been positive since the late spring. While the OSFI stress test and higher borrowing costs have kept sales below 2016’s record pace, 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,” said Mr. Bhaura, Toronto Real Estate Board President.
“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area. With municipal elections in the rearview mirror, all levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market, including facilitating the development of a broader array of medium-density housing choices,” said Jason Mercer, TREB’s Director of Market Analysis.
