June brings some positive news from the world of housing market in Toronto. Greater Toronto Area REALTORS® reported up 2.4 per cent number of sales compared to the low June 2017 result. Sales were also up 17.6 per cent on a monthly basis between May 2018 and June 2018, continuing the trend of somewhat volatile month-over-month changes over the past year as home buyers reacted to various policy changes impacting the market.
Toronto Real Estate Board President Garry Bhaura says:
Home ownership has proven to be a positive long-term investment. After some adjustment to the Fair Housing Plan, the new Office of The Superintendent of Financial Institutions (OSFI) stress test requirement and generally higher borrowing costs, home buyers are starting to move back into the market, with sales trending up from last year's lows. Market conditions appear to be tightening, with sales accounting for a greater share of listings, as new listings have dropped compared to last year.
According to Jason Mercer, TREB's Director of Market Analysis and Service Channels, the expectation is to see improvement in sales over the next year. However, he adds that over the same period it is likely that issues surrounding the supply of listings will persist. In Mercer's opinion housing supply should be top-of-mind for policy makers with a new provincial government.