Greater Toronto Area Report July 2019
Steve Moran, Remax
Toronto home sales defied the normal summer slowdown to soar in July, outpacing even June sales levels as buyers are increasingly overcoming tougher mortgage qualification rules and returning to the market.
The number of sales in July jumped 24.3 per cent from July last year. With new listings slow to come onto the market, prices rose in July as demand outpaced supply. The overall average selling price for properties in the Greater Toronto Area was up 3.2 per cent year-over-year to $806,755.
Condominium prices rose 6.7 per cent to an average of $584,019 while detached house prices fell 0.9 per cent to an average of $995,043. The single-detached market segment has arguably been impacted most by the mortgage stress test.
Looking forward, larger price increases may be coming for the Greater Toronto Area because the region continues to have insufficient supply of housing to meet market demand. Demand for housing is growing as the number of households in the GTA continues to increase by 40,000 to 50,000 each year.
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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