RE/MAX Hallmark Q3 Toronto Housing Market Report

13 November 2018
Life and the City

  

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The Hallmark Market Report is a quarterly report that analyzes real estate trends in Ontario, with a specific focus on areas in which RE/MAX Hallmark operates in. The Report includes third-party research, opinions and findings from both local and international economists, academics and Hallmark independent research to provide some broader context to changes in the Ontario and Canadian Real Estate market.

This edition looks at the 3rd quarter mainly Ontario’s housing market. From overheating to correction to the onset of recovery, the third quarter has been all about the uncertainty of the US-Canada trade deal weighing on the economy. Now with that resolved attention turns to rising interest rates, mortgage policies and vacancy rates which continue to squeeze affordability.


Toronto Housing Market Report for Q3 - July to September 2018

The housing market in Toronto has been stabilizing over the course of the third quarter, following a sharp drop in the first two quarters after the implementation of various government regulations. Gradual improvements in prices since the second quarter with increased sales activities in suburbs, fall in Toronto and inventory increase in both areas. The housing market is becoming TIGHTER as the number of NEW (not re-list) listings across the GTA dropped in September, while home sale prices climbed compared with a year ago.

The annual rate of sales growth has outpaced the annual rate of NEW listings growth, creating a market that was tighter than the previous year 3rd quarter with less than 3 months of inventory in the GTA and less than 2 months of available supply in Toronto.

The average selling price across all housing types, from detached homes to condos, went up 2.9% to $796,786. The average detached dwelling price is at $1.34 million in the city of Toronto, a decline of 1.4%. Condo prices continued to rise, up 10% in the GTA and an 11% gain in the average selling price inside Toronto’s boundaries.

Overall the City of Toronto maintained a healthy growth of 5.2% in the third quarter while almost every suburb region with the exception of Mississauga, had price declines compared to the same period last year. 

Click here to read the full Hallmark Q3 Report for residential housing markets across Ontario.


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