Toronto home sales go up for third straight month
Home sales activity continued to grow stronger across the country last month, according to new report from The Canadian Real Estate Association, thanks in large part to figures in the GTA.
CREA reported on Wednesday that national home sales had risen 1.9 per cent in July of 2018, marking the third monthly increase in a row for Canada and Toronto alike.
"Led by the Greater Toronto Area (GTA), more than half of all local housing markets reported an increase sales activity from June to July," reads the real estate association's report.
"The national average price is heavily skewed by sales in the [Greater Vancouver Area] and GTA, two of Canada's most active and expensive markets," it continues.
"Excluding these two markets from calculations cuts close to $100,000 from the national average price, trimming it to just under $383,000."
The actual (not seasonally-adjusted) amount of Canada-wide sales activity was actually down in July, year over year, but analysts say this was to be expected, given how hot the market was during the first half of last year.
"This year's new stress-test on mortgage applicants continues to weigh on home sales but its effect may be starting to fade slightly in Toronto and nearby markets," said CREA President Barb Sukkau in the release.
"The degree to which the stress-test continues to sideline home buyers varies depending on location, housing type and price range."
Prices were also up across the country by 2.1 per cent, year over year, this July, marking the first acceleration in annual home price growth since April 2017.
This number, according to the CREA, suggests that the "rebound period" Toronto is now experiencing will contribute to even stronger year-over-year gains in the latter half of 2018.
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