The GTA housing market continued to show positive signs for the month of July 2018. When compared with the market from July 2017, there was strong growth in both the number of home sales and the average selling price.
July sales were up by more than 18 per cent compared to the same month last year. There were 6,961 house sales, and the average price for these sales was $782,129, which is up by almost five per cent compared to July 2017.
Some potential buyers had moved to the sidelines due to the psychological impact of the Fair Housing Plan, as well as changes to mortgage lending guidelines. The July figures are certainly encouraging for the health of the real estate market because some of these buyers have begun to re-enter the market.
With a Municipal Election on the Horizon, Prioritizing Housing Policy is Critical
Though we experienced some positive signs of growth in the GTA real estate market over the last two months, housing supply remains an issue with new listings down by nearly 2 per cent on a year-over-year basis.
With the municipal election coming up, it is crucial that candidates keep housing top of mind, focusing on policies that prioritize enhancing the supply of housing, reducing the upfront tax burden on home ownership, and increasing housing affordability. This is important as the number of individuals and families that choose to live in this region will only continue to grow.
The provincial government also has a critical role to play in both helping to prioritize policies that focus on increasing the supply of housing, especially the missing middle which bridges the gap between the condominium apartment and the detached home, as well as in continued relief in the provincial land transfer tax.
With over 50,000 TREB REALTOR® Members working with the GTA public, we are the boots on the ground, and TREB looks forward to working with all elected officials to help provide effective solutions to housing affordability issues such as these. TREB will continue to speak up on behalf of home buyers, sellers, and renters.
Real Estate Benefits Us All
The real estate industry and its economic impact is critically important to the GTA economy. These activities help with the creation of jobs not only directly related to housing, but across virtually all sectors of the economy.
Home ownership continues to be a sound long-term investment for the consumer, and owning a home can help provide a sense of pride, community, and feelings of accomplishment. The 2015 Habitat for Humanity research project “Transforming Lives,” provides evidence of the positive impact that owning a home can have. It can improve the education outlook of your children, improve your family’s health through higher levels of physical activity and lower levels of psychological distress, and increase levels of civic involvement and charitable support in your community.
If you have questions, talk to a Toronto Real Estate Board Professional Member REALTOR® for further help and guidance. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB Commercial Professional Member Realtor by visiting trebcommercial.com.