We can finally call it a trend! August represented the third consecutive month to outperform its 2017 counterpart in both sales and price. The GTA saw detached home sales up 9%, while semi-detached rose by 5% and condo sales by 8%. This would suggest that the GTA has finally adjusted to the housing and mortgage changes implemented in the past year.
Growth in Central Toronto* was equally encouraging in the detached market, but the semi-detached market was down and the condo market was flat.
Signs of a more stable market are mirrored by increased listings. While sellers are ready to re-enter the market, a number of buyers remain paralyzed by more restricted budgets resulting from the mortgage stress test and a July interest rate hike. If the Bank of Canada imposes yet another interest rate increase in October, we could see some of the would-be buyers kept out of the market this fall.
Despite hesitant buyers, the Canadian Real Estate Association predicts we’ll continue to see prices rise into the fall, perhaps at a more moderate and stable pace than we’ve seen in recent history, but an upward trajectory nonetheless.
With prices on the rise, now might be the time to buy if you’ve been thinking about it. If you have questions, I’m here to answer them. Reach out to me today: 416.566.7730 or susanbandler@chestnutpark.com.
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