Appreciation is skyrocketing with condo prices, and the numbers prove it.
Data from the Toronto Real Estate Board reflected that in the month of June, 8,082 homes were sold — that’s a 2.4% growth than sales documented a year ago. Although this seems like a small increase, it’s worth placing the numbers alongside the 20 to 30% declines in sales reported earlier this year.
Single family homes (attached and detached) make for majority of the sales gain with 8.1% yearly increases. This is likely due to the decreasing prices of these homes, as the average price in the GTA clocks in at $1,033,574, which is 1.9% less than in 2017.
This can be contrasted by condo sales seeing a 6% decrease, with the sale of 1,593 units this month. Prices, on the other hand, reached an average of $605,530, which is a 9.5% increase from last year.
In addition to increasing in sales, a stabilization in prices were also reflected. The average price of a home saw a 2% increase within the last year, May prices further marking a 3.3% increase.
TREB president Garry Bhaura shared in his first press release as president that “Home buyers are starting to move back into the market, with sales trending up from last year’s lows…with sales accounting for a greater share of listings, as new listing have dropped compared to last year.”
This increase is juxtaposed by new home listings totally 15,922 — a 19% decrease from last year. June MLS listings in and around Toronto only totaled 15,933, which marks a 18.6% decrease from last year.
Active listings, however have seen a increase from 19,680 to 20,8454, marking a 5.9% increase from last year.
In his statement Bhaura shared that, to display the priority of home affordability and ownership, the key issue to be addressed is ensuring that home buyers are not imposed with any more municipal land transfer taxes.