Toronto Home Prices Show Signs of Stability - Can I Call You Today?
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Greater Toronto Area Report April 2018, Steve Moran, Remax
Toronto's housing market continued to show signs of stabilizing in April, but sale prices remain below the record levels hit last spring.
The average home sold for $804,584 in the Greater Toronto Area in April, a 12 per cent drop from April last year, when the market hit a record peak before beginning a steep slide in May.
Recent policy changes - including tough new mortgage qualification rules that took effect January 1 - have not sent the market into steep decline as some analysts had feared, and the impact may already be moderating.
Condominiums have remained the strongest market segment in the region as buyers continue to favour the lowest-price housing option.
Looking forward, I expect the market will see a moderate increase in home prices in the second half of 2018, especially for the condominium sector. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation.
I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.