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City of Toronto June 2018 Housing Market Report

Written by Posted On Monday, 09 July 2018 10:28

Sales and prices are both up for most property types for the first time this year,  reports the Toronto Real Estate Board (TREB) in its June 2018 housing market report.

The only exception to the price increase is detached houses in Toronto which have declined slightly by  2.4 per cent to about $1,350,000. Meanwhile, condos for sale in downtown Toronto have continued their upwards trajectory and are now 9.5 per cent higher year-over-year to about $605,500. Townhouses are also up 5.5 per cent, while semi-detached are stable at a 1.4 per cent.

“Home ownership has proven to be a positive long-term investment,” says Garry Bhaura, the new president of TREB.

 

MLS listings in Toronto show that the sales plunge that has affected the 416 all year has finally turned itself around, with only a slight decline year-over-year: TREB reports 3,096 transactions in June, just a bit less than the 3,139 transactions in June 2017. The slight decline can mostly be attributed to slow condo sales, down 6 per cent. All other market segments are up, with sales for semi-detached increasing 8.1 per cent, detached 5.9 per cent and townhouses 5.1 per cent.

 

The market seems to have largely recovered from the Ontario Fair Housing Plan, introduced last year to cool the market, and from OSFI’s decision to tighten mortgage lending qualifications at federally-regulated lenders.

“Home buyers are starting to move back into the market, with sales trending up from last year’s lows. Market conditions appear to be tightening, with sales accounting for a greater share of listings, as new listings have dropped compared to last year,” says Bhaura.

 

Looking towards the future however, TREB is clear that major undersupply issues still exist. Therefore, they expect sales to increase and heavier competition between buyers. Home prices will then likely rise further.

 

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