General 07/08/18 |

The real estate market continues to show continued sign of growth and stability. For the second straight month, the Toronto Real Estate Board reported strong growth in home sales and the average selling price. There were 6,961 sales in July 2018, an 18.6% increase over July 2017.
Toronto Real Estate Board President Garry Bhaura stated that although the strong numbers are encouraging, housing supply remains an issue. “The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes, province-wide and additionally in the City of Toronto.”
The overall sale price for all home types in the Greater Toronto Area was up year-over-year by 4.8% to $782,129. Month-over-month we saw a modest decrease of 3.1%. It is typical to see a decline in price during the summer months. There are fewer active buyers and the willingness of sellers to accept offers increases as the summer prolongs.
Active listings decreased in July to 19,725, 5.4% lower than June. New listings decreased for a second straight month, by 13% month-over-month indicating that buyers are beginning to come off the fences and are coming back into the market to take advantage of those great opportunities.
Days on market is still very much a topic of conversation. The average home in Markham is taking an average of 28 days to sell. The least amount amongst the nine communities in York Region. Stouffville is taking an average of 31 days to sell a home, while King City is taking the longest with an average of 41 days to sell a home.
WHAT DOES IT ALL MEAN?
The real estate market continues to show positive growth in 2018. July saw a record number of appointments being booked here at RE/MAX All-Stars Benczik Team Realty. Sellers are understanding what market we are in and are looking to sell. Those buyers who have 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 and surrounding area are once again recognizing that home ownership is a long-term investment.

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