18 July 2018 ~ 0 Comments

Some Positive Housing Numbers in June

The Toronto Real Estate Board has released the month of June sales figures and at first glance, it’s pretty positive looking.

Sales prices are up 2% over June 2017, and more importantly up 3.3% over May 2018. New listings tailed off slightly at 18% but overall inventory increased slightly.

Sales activity and average prices were up slightly, inventory of existing properties for sale has increased, and the days on market is up. All this bodes well for a steady market.

Toronto average prices are as follows: detached houses $1,354,429, semi-detached $999,754, townhouse $736,963 and condo $605,503.

On the detached home side, the year started at $1,283,981. That’s about a $70,000 increase on average to where it’s sitting today. Not many people can save $70,000 after taxes and once again it looks like Toronto’s housing market is becoming attainable for select groups.

The condo market has been getting much of the positive attention in 2018 and in January the average price was $543,279. Today you would be paying on average $61,000 more.

The second half of the year looks to be positive on the demand side. If we can maintain a healthy amount of supply, then prices should continue at a modest increase. But if the supply drops, like it has in the past, then expect this year to end up with a stronger second half on average values.

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