October 2018 GTA Real Estate Market Report Summary
The Toronto Real Estate Board (TREB) just published their monthly real estate market report for October 2018. Home sales and prices increased in October compared to last year. The number of active listings was down, similar to last month. Overall, the data shows a strengthening GTA real estate market.
TREB President said, “Annual sales growth has been positive since the late spring. While the OSFI stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the Greater Toronto Area remain upbeat on home ownership as a quality long-term investment. A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019.”
The number of homes sold in October in the GTA increased from September. There were a total of 7,492 sales in the GTA, up from 6,455 in September. While the number of active listing went down from 20,089 in Sept. to 18,926 in Oct, the average days on market decreased meaning homes sold faster. The average price of homes sold also increased in October.
Price per Home Type
The average price and number of sales for detached homes in the GTA increased in October. In the Richmond Hill area though, the average price decreased from September down to $1,382,068. The number of sales increased though, from 78 detached homes in Richmond Hill sold in September up to 92 units in October.
Semi-detached homes were less popular in Richmond Hill this October. Only 6 units sold, down from 15 last month. The average price decreased by about $12,000 as well. However, across the GTA there were 774 semi-detached homes sold, up from 653 last month.
Townhomes in both the Greater Toronto Area and the Richmond Hill area stayed about this same this October compared to September. There were 6 townhomes sold in Richmond Hill in October, the same as September.
Condos were the driving force behind the overall increase of sales in the GTA in October. There were 2,127 condo units sold in October, up from 1,791 in September. Of those, 47 were sold in Richmond Hill.