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Sales are up when comparing September 2017 to September 2018 by a reported 1.9% with a reported 6,455 sales through TREB’s MLS® System this past month. With an average selling price of $796,786, sale prices are up by 2.9% when compared to September 2017.
While prices may be up, inventory is down. TREB’s MLS® System measured new listings are down by 3.1% to 15,920 this September when comparing to last. Buyers may struggle finding finding exactly what they are looking for in this market. While this doesn’t take into account the comparison between communities (and the GTA is made up of over 500), it is so important to work with a real estate agent who is familiar with the area you are interested in.
We have seen the record pricing of the 2016 housing market slow since new mortgage qualification rules have been put in place, but home owners remain positive as the population of the GTA continues to grow. The real challenge this market is going to face is supply and not demand.
We are seeing only a 0.2% rise in sales when comparing August 2018 to September 2018. When breaking the sales down annually, growth has been stronger for higher density types of homes such as townhouses, condos and semi-detached homes (the more affordable options so to speak).
To learn more about the numbers, take a look at the graphics below for an idea of reported trends in September 2018. For more information give me a call at 416-728-5401.