Toronto Real Estate Board members reported a total of 6,455 home sales in September 2018 – up 1.9% over the September 2017 numbers. The average selling price for September 2018 sales was up by 2.9 per cent over the same period to $796,786. New listings in September 2018 amounted to 15,920 – down by 3.1 per cent compared to September 2017. With sales up year-over-year and new listings down, finding that right home for some buyers can be a challenge.
Compared with last year’s lows, it is great to see sales and prices across the GTA come up. Important to note is that market areas are made up of well over 500 communities which is why it is a good idea to consult with your realtor about local market conditions when shopping for a new home or considering to sell.
On an exciting note, T O R O N T O has been said to be discovered globally as a world-class city! I’m pretty sure we all saw this coming since Toronto’s economy, immigration, confidence and appetite for home ownership have not changed – strong as ever. Following the likes of New York and San Francisco, investors are showing interest.
The overall Canadian economy has slowed compared to previous years, however, the Greater Toronto Area (GTA) economic underpinnings remain solid, with GDP and employment growth expected to perform at or above the national averages, at 1.9% and 3.0% versus 2.0% and 1.2%, respectively. The GTA economy continues to show strength, despite increasing interest rates and government policies designed to slow the housing markets, in the form of stricter mortgage qualification rules and foreign investor taxes. These measures did impact the residential real estate sector in the first half of 2018, and therefore it was no surprise to see the Finance, Insurance and Real Estate (FIRE) sector, which accounts for 29% of the GTA’s economic output, shed some jobs. Any extended housing market slump would have had an impact on this sector, and the GTA office market which is home to the head offices of all of Canada’s big 5 banks, however, the GTA residential real estate market has stabilized, with average sale prices and volumes increasing once again
Now that Toronto is on the world radar, the long term forecast will be continued growth for years to come. We expect upward pressure on prices to continue in the Toronto area for the balance of the year and we suspect into 2019.
These truly are exciting times for our city, if you or a friend is thinking of buying or selling give me a call. Let me answer all of your questions and help you make a decision that is right for you and your family.
From my family to your family ~ Happy Thanksgiving!
Your Friend in Real Estate,
Suzana ( Sue ) Davies
A referral is the biggest compliment a client can give. If you know of anyone looking to buy or sell, know that I pledge to provide your friends and family with the highest level of service and advice.
Suzana ( Sue ) Davies
Sales Representative ®
Bosley Real Estate Ltd., Brokerage
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