Monthly Toronto Housing Report – July 2018
As the temperature goes up, the housing prices seem to be cooling down even further. According to the Canadian Real Estate Association, the decline of house prices this spring season has decreased the Canadian average – the first to a nine-year low for the three month period of March to May.
But what does it mean for those who are looking to buy and sell in Toronto soon?
The latest report from the Toronto Real Estate Board, has better predictions for the month of July. The market has seen a slight improvement of 2.4% in home sales, giving sellers a hope of their houses being off the market sooner than later. However, for Toronto home buyers, the average selling price has increased by a 2% on a year-over-year basis to $807,871. The number of homes newly listed for sale fell 16% from May, leaving many buyers hesitant to purchase their new homes with a price increase.
As opposed to condos, they had the greatest year-over-year average price increase jumping 7.9% this month. An average condo now costing $561,097 in Toronto condo seekers. No luck for condo sellers as well, as the sales dropped 5.3% in the month of June, finishing the month of only 2,234 condos being sold.
Here are a few more statistics for the current housing prices in Toronto (June 15 – July 13)
- Average Selling Price: $879,000
- Monthly change: increase of 1.5%
- Quarterly change: increase of 5.5%
- Yearly change: increase of 10.5%
- 4,666 new listings in the last 28 days
- 2,394 homes sold in the last 28 days
- Average days in the market: 19
For average pricing of detached and townhouses and much more, check Zolo’s report for more.
Any other questions relating to real estate or buying your first house, do not hesitate to ask Agent ReVa – your virtual AI assistant for smart home buyers.