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Cindie Carr-Harris
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TORONTO REAL ESTATE BOARD JULY MARKET WATCH
Friday, 10 August 2018, 10:25:00 AM

TORONTO, ONTARIO, August 3, 2018 – Toronto Real Estate Board President Garry

Bhaura announced strong growth in the number of home sales and the average selling

price reported by Greater Toronto Area REALTORS® in July 2018.

“Home sales result in substantial spin-off benefits to the economy, so the positive results

over the last two months are encouraging. However, no one will argue that housing

supply remains an issue. The new provincial government and candidates for the

upcoming municipal elections need to concentrate on policies focused on enhancing the

supply of housing and reducing the upfront tax burden represented by land transfer taxes,

province-wide and additionally in the City of Toronto,” said Mr. Bhaura.

Residential sales reported through TREB’s MLS® System for July 2018 amounted to

6,961 – up 18.6 per cent compared to July 2017. Over the same period, the average

selling price was up by 4.8 per cent to $782,129, including a moderate increase for

detached home types. New listings in July 2018 were down by 1.8 per cent year-overyear.

Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per

cent and 3.1 per cent respectively for sales and average price. Seasonally adjusted sales

were at the highest level for 2018 and the seasonally adjusted average price reached the

highest level since May 2017.

The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down

slightly compared to July 2017. However, the annual growth rate looks to be trending

toward positive territory in the near future.

“We have certainly experienced an increase in demand for ownership housing so far this

summer. It appears that some people who initially moved to the sidelines due to the

psychological impact of the Fair Housing Plan and changes to mortgage lending

guidelines have re-entered the market. Home buyers in the GTA recognize that

ownership housing is a quality long-term investment,” said Jason Mercer, TREB’s Director

of Market Analysis.

 

 

 

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