Greater Toronto Area Report September 2018, Steve Moran, Remax
The Toronto-area housing market continued to make modest year-over-year price gains in September, with the average selling price across all housing types, from detached homes to condos, up 2.9 per cent to $796,786.
Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominiums, townhouses and semi-detached houses as these home types provide more affordable home ownership options.
The number of resale home transactions rose 1.9 per cent year-over-year in September. While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment.
Looking forward, the real challenge in the housing market, as the Greater Toronto Area population continues to grow, will be supply rather than demand. This is why a policy focus on increasing housing supply throughout the GTA is important.
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.
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