Greater Toronto Area Report June 2018, Steve Moran, Remax
Toronto's housing market is showing signs of stability after enduring a months-long slump in the wake of new mortgage rules and provincial policies designed to cool off rising prices.
Both home sales and average prices showed slight year-over-year gains in June.
Home sales in the Greater Toronto Area rose 2.4 per cent in June from a year earlier. The uptick follows a period of monthly declines since the federal bank regulator imposed new mortgage rules in January. Those rules include new tests for home buyers that make it harder for some borrowers to qualify for a mortgage.
The average sale price of houses in the region - including detached and semi-detached houses, townhouses and condominiums - rose 2 per cent to $807,871 from a year earlier.
The upward movement is a sign that buyers and sellers are starting to move back into the market however there still isn't much movement in terms of listings.
I expect to see continuous improvement in sales over the next year. As we move forward and continue to see improved sales, we are going to see upward pressure on home prices if we don't see a lot of movement on the inventory front.
I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.
