Greater Toronto Area Report August 2018, Steve Moran, Remax
August appears to have cemented the Toronto region's real estate recovery, with average resale home prices up 4.7 per cent year-over-year to $765,270.
Sales also increased 8.5 per cent compared to the same month last year which confirms that Toronto-area buyers are stepping back into the market.
It is encouraging to see a continued resurgence in demand from buyers who have been reluctant to get into the market since the Ontario government announced a package of policy reforms in April, 2017, and the federal government toughened mortgage eligibility rules on January 1 of this year.
Inventory of homes available for sale continues to be very low. Looking forward, buyers who are shopping for a home could be faced with higher prices if demand continues to accelerate over the next year, which is expected.
Bottom line, in a region where the economy remains strong and the population continues to grow, housing remains a solid long-term investment.
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.
Have a great day!