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TORONTO, August 3, 2018 -- Toronto Real Estate Board President Garry Bhaura announced strong growth in the number of home sales and the average selling price reported by Greater Toronto Area REALTORS® in July 2018.

"Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging.  However, no one will argue that housing supply remains an issue.  The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes, province-wide and additionally in the City of Toronto," said Mr. Bhaura.

Residential sales reported through TREB's MLS® System for July 2018 amounted to 6,961 – up 18.6 per cent compared to July 2017.  Over the same period, the average selling price was up by 4.8 per cent to $782,129, including a moderate increase for detached home types.  New listings in July 2018 were down by 1.8 per cent year-over-year.

Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per cent and 3.1 per cent respectively for sales and average price.  Seasonally adjusted sales were at the highest level for 2018 and the seasonally adjusted average price reached the highest level since May 2017.

The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down slightly compared to July 2017.  However, the annual growth rate looks to be trending toward positive territory in the near future.

"We have certainly experienced an increase in demand for ownership housing so far this summer.  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.  Home buyers in the GTA recognize that ownership housing is a quality long-term investment," said Jason Mercer, TREB's Director of Market Analysis.

 

Real estate experts predict a return to normal for slumping GTA housing prices

By TESS KALINOWSKI

The slowdown in the Toronto region’s housing market that began last year continued through the first half of 2018, but two big industry players suggest that buyers and sellers are ready to shake off the malaise with a return to normal later this year. Although 2018 “was a spring market that never blossomed,” Royal LePage CEO Phil Soper says he sees change on the near horizon after 14 months of government intervention, higher interest rates and new mortgage rules.

 

Locals in Ontario’s cottage country prepare for battle with big-city home buyers

By NADINE YOUSIF

Finding the perfect home is a challenge that many Torontonians know all too well. But as lack of affordability and scarcity of properties drive buyers out of city bounds, those native to cottage country are feeling the effects. Maureen Taylor owned a three-acre property in Irondale, in south Haliburton County, for 12 years. After getting in a car accident with her mother, they both decided to move closer to the city centre in Minden for ease of mobility. When it came to selling Ms. Taylor’s property, six weeks was all it took. Finding another home in the area, however, took four times as long.

 

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