GTA Home Prices Rise After Earlier Dip
Toronto’s real estate market has had a rough year. Home sale prices and the number of sales slowed at the beginning of the year. However, the summer months saw an uptick in both prices and sales.
GTA real estate had a few setbacks earlier this year. The foreign buy tax, increased interest rates, high prices, and tougher mortgage rules slowed down the market. Now the housing market is making modest year-over-year gains.
The average price of all housing types saw small increases in September compared to last year. The average selling price increased by 2.9% from last year, making the average price $796,786. The number of sale transactions also increased. Transactions rose 1.9% compared to September 2017.
While homes are selling for higher compared to last year, there is still a decline from month-over-month prices. Prices went down 0.5% in September compared to August. That’s about a $4,335 difference. The average price of a detached home in the GTA is about 1 million region-wide now, including in Richmond Hill. Although detached home prices have fallen some month-over-month, condo prices continue to rise. The average price of a condo in the GTA went up 10%.
Home prices have risen compared to last year, but the number of units available has gone down. The market continues to tighten with about 3.1%, or 500, fewer listing compared to September 2017.
TREB’s president said this latest data was positive and that it was encouraging to see “healthy” sales and prices increase across the region. Overall, this latest market report is positive and shows that the GTA is bouncing back from the initial slow start. Contact us with any questions, or if you’re looking for an experienced real estate agent to help you buy or sell your Richmond Hill home!