August 2018 Real Estate Market Report Summary
TREB recently published their market report for the Greater Toronto Area for August 2018. Toronto real estate sales continue to boom, and the city is driving Canada’s overall real estate. Here is a quick summary of what the report said with a focus on Richmond Hill real estate.
In August, there were 6,839 homes sold in the Greater Toronto Area. 222 of those sales were in Richmond Hill. Richmond Hill was the third most popular neighborhood in the York region after Vaughn and Markham. There was 12,864 active listing in August 2018, 914 of those active listing in the Richmond Hill area.
The average price for a home in the GTA was $765,720 CAD. In Richmond Hill the average home price was higher, coming out to $999,311 in August 2018. On average, homes were on the market for 27 days in the GTA. In Richmond Hill, homes were on the market for about 30 days.
Price per Home Type
Detached homes continued to sell for the highest price in August 2018. The average price for a fully detached home went for $977,187 in the GTA, with 3,001 detached homes being sold in August. In Richmond Hill, detached homes fetched a price of $1,328,830 on average, and there were 116 units sold.
Semi-detached homes sold for $741,873 in the GTA on average, with 577 sold in August. In Richmond Hill, semi-detached homes sold for $802,209 on average, with 11 sold.
Townhomes were popular in August, with 540 of them sold in the GTA going for an average price of $567,665. 10 townhomes were sold in Richmond Hill, going for an average price of $681,389.
Condominiums were the second most popular type of home type sold after detached homes. There were 2,000 condos sold in the GTA, going for $541,106 on average. In Richmond Hill, only 50 condo units were sold in August, going for around $469,446.
The full TREB August 2018 market report can be read here.