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The Toronto Real Estate Board (TREB) has released their monthly resale housing figures for the Greater Toronto Area housing market in October 2018, with TREB President Garry Bhaura announcing year-over-year increases in both the number and the average price of resale homes.
The 7,492 sales recorded in October 2018 represents a 6% year-over-year increase, though preliminary seasonally-adjusted figures show a 1% decline when measured month-over-month against September 2018. The increase in demand was accompanied by moderate price appreciation, with average sale prices for resale homes up 3.5% year-over-year, now reaching $807,340. This new average marks a 1% increase in selling price month-over-month against September 2018.
“Annual sales growth has been positive since the late spring," reads a statement from TREB President Garry Bhaura. "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.”
At 14,431, the number of new listings declined in October 2018, tumbling 2.7% over last October's figures. The combination of sales increasing and listings declining suggests a tightening of market conditions.
“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," stated Jason Mercer, TREB’s Director of Market Analysis. "With municipal elections in the rear view 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.”
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