Greater Toronto Area Report December 2018, Steve Moran, Remax
The number of homes sold in Toronto and the surrounding area fell in 2018, along with the number of new listings, as homebuyers and sellers adjusted to a new reality of higher borrowing costs and stricter mortgage rules.
The number of residential transactions in 2018 declined 16.1 per cent from 2017. The total number of new listings also declined by 12.7 per cent in 2018.
Meanwhile, the average selling price for all home types in the Greater Toronto Area fell by 4.3 per cent to $787,300.
It is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint.
The condominium market shone brightly in 2018. The average price for condominium sales in the Greater Toronto Area was up by 7.8 per cent year-over-year.
Looking forward, I expect that the home price growth we saw in the second half of the year for all home types will continue with price growth the strongest in the condominium market.
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.
