Greater Toronto Area Report July 2018, Steve Moran, Remax
In a sign that the Toronto area real estate market is in recovery mode, year-over-year resale home prices and sales rose for a second consecutive month in July.
The average sale price for all types of homes in the region climbed 4.8 per cent compared to July 2017 to $782,129 last month.
The number of home sales also rose 18.6 per cent year-over-year in July.
Condominiums continued to outperform low-rise housing such as detached, semi-detached and town homes. Condo prices climbed 8.9 per cent last month compared to a year earlier to $546,984.
Regionwide, detached prices rose slightly compared to a year earlier to $1 million.
It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market.
Looking forward, higher home sales this summer appear to signal the stronger second half of this year that the real estate board and industry executives have been predicting.
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.
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