Canada's Condominium Magazine
Breaking the trends, sales surged to 6,961 in July 2018, according to TREB, a gain of 18.6% over the same period last year. The average price (all home types) for the City of Toronto (416 area) was $824,336 in July 2018, up 4.8% over 2017. In the rest of the GTA (905) the average sales price was also up to $757,365 from $737,387 in the same period last year.
Price averages in 416 dominated by condos volume
The averages in the 416 are largely driven by condos, which typically make up the higher volume. Year to date for condos sold in the 416 is 9,922, versus 4,723 for detached homes year-to-date. However, in the 905, the detached homes make up the majority of sales:
- Condo Apartments: 9,922 sold in 416, 3,983 in 905
- Detached homes: 4,723 sold in 416, 15,516 sold in 905
- Semi-Detached: 1,470 sold in 416, 4,264 in 905
- Townhouse: 1,735 sold in 416, 5,955 in 905
Jason Mercer, TREB’s Director of Market Analysis, explains the reasons:
“We have certainly experienced an increase in demand for ownership housing so far this summer. It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market. Home buyers in the GTA recognize that ownership housing is a quality long-term investment.”
Pricing by type and area
The pricing of all types of properties increased, except detached homes in the 905, which were slightly down. The average condo price was up significantly in July 2018 year-over-year: 9.2% in the 416 and 10.3% in the 905.