“Rebound” is the term being used that could be describe the GTA’s real estate market for the last two months. Compared with a year ago, sales are up by 8.5 percent for August and up 2.9% for September.
This is good news for the market, as sales the first half of 2018 was relatively slow across the GTA.
Average selling prices are up by 4.7 percent compared to August 2017. September makes a fourth straight month of year-over-year sales growth with prices increasing by 2.9% for an average price of $796,786.
Part of the rebound can be attributed to new listings, which totalled 12,166 homes, up by roughly 6 percent compared to last year.
The story for detached homes is slightly different. Prices for the average GTA detached homes are somewhat stagnant. Most of the average price increase is attributable to condos, which remain one of the only affordable housing options for many.
The inventory of homes available for sale continues to be an issue. Real estate market analysts suggest that neighbourhoods across the GTA are suffering from a lack of inventory. If demand for homes continue to grow, which is expected, the lack of supply would likely increase prices.
Overall, the real estate data from August and September is positive. The GTA’s real estate market can be considered relatively stable.