Greater Toronto Area REALTORS® reported 6,961 sales in July 2018, which is an 18.6 per cent increase compared to July 2017. After a very slow start of the year, mostly due to the effect of the mortgage rules changes had on buyers, people had time to think things through and they're ready to get into the market. It is a positive change, but TREB president Garry Bhaura reminds that the low 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.
An increase in demand for housing ownership has influenced the average price, which was up by 4.8 per cent in July 2018, amounting to $782,129.
The biggest change was recorded in the condo segment - the average price of a condo in the 416 area has increased by 9.2 per cent to $582,547.
The improved demand and the slowly but steadily rising prices are a proof of buyers scared by the new guidelines re-entering the Toronto real estate market, so it's safe to assume we will be experiencing more positive months like July 2018 towards the end of the year.