TREB said that the Toronto home sales where up 22% when compared to a year ago. Howerever, total sales in the month where nearly the same as August. Selling price was also up by 5.2% when compared to last September.
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According to the Ontario Real Estate Association, home sales in Ontario continued to recover in August. Sales activity reported was up 6% from the August 2018. The average home price was also up 6%. On a year to date basis sales were up 7.1%
For more information see the CREA / OREA news release.
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Blaming both rising interest rates and tougher mortgage rules, CREA predicts that next years sales will fall to a nine-year low. However, CREA also believes that the average home sale price will rise a bit less than 2 percent.
While we expect sales activity to stabilize next year… we nevertheless anticipate that prices will slow even further to gains likely below that of inflation.- Canadian Real Estate Association
For more information, see the CREA News Release
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TREB has reported that a total of 77,426 residential transactions were processed by TREB's MLS® System in 2018. This represents a 16.1% drop in sales reported in 2017. The Toronto Real Estate Board also noted that total new listings entered into TREB's MLS® System were down by 12.7 per cent over the same period to 155,823.
Although the average price was up slightly, this is attributed to an increase in price of sales of condominium apartments within Toronto.
For more information, see the TREB news release
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Home sales fell again for the third month according to CREA with Toronto and Vancover leading the way.
Sales are down across the province, with the GTA and Hamilton-Burlington showing the biggest drops. CREA predicts that home sales will fall double digits to their lowest in five years.
“ The decline in homeownership affordability caused by this year’s new mortgage stress-test remains very much in evidence. Despite supportive economic and demographic fundamentals, national home sales have begun trending lower. ”
~ Gregory Klump, CREA Chief Economist
For more information, see CREA Stats
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