Toronto home prices are on the rise again
The average price of a GTA home just reached its highest level since May of 2017, according to the Toronto Real Estate Board, suggesting that analysts were right all along about a "housing market rebound" in the latter half of 2018.
The TREB announced in its monthly market figures report Friday that home prices and sales were both up again, year over year, in July of 2018, with 6,961 homes sold.
That's up a whopping 18.6 per cent compared to last year at the same time — though numbers were atypically low during the second half of last year (and beyond). This may be thanks to cooling measures like Ontario's foreign buyers tax and the federal government's mortgage stress-test.
Home buyers paid an average of $782,129 across the GTA last month (or $824,336 in the City of Toronto), which marks an increase of 4.8 per cent.
Calling the growth numbers "strong," the TREB's new president Garry Bhaura said in today's press release that the last two months have been encouraging, though supply still remains an issue.
"We have certainly experienced an increase in demand for ownership housing so far this summer," said Market Analysis director Jason Mercer. "Home buyers in the GTA recognize that ownership housing is a quality long-term investment."
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