Updates on the GTA Market
Compared to sales last year, overall home sales are down in the Greater Toronto Area. However, according to the Toronto Real Estate Board (TREB), there's a continuous rise in Conominium prices.
Even though, listings were up by 9.4% compared to Semptember 2016, sales have been down by 35%. Furthermore, the overall price of homes in the GTA was $775,546 last month leading to a 2.6% increase from the overall price last year around the same time. In the work of measures taken by the provincial government to cool off the market, Toronto, real estate prices slowed considerably. However, the board says the numbers indicate that buyers are coming back to the market.
TREB, president, Jim Syrianos, claims that the improvement in listings in September, compared to last year, suggests that home owners are anticipating an uptick in sales activity as we move through the fall season. Even though there is a potential for more supply of single family homes, the supply of condo's in the GTA is still tight with prices showing no sign of cooling off. While the numbers have jumped, they are not surprising considering consumer polls conducted in the spring indicated a shift towards condo purchases.