The Toronto Real Estate Board announced year-over-year increases in home sales and average sale prices reported through TREB's MLS® System in October 2018.
Greater Toronto Area REALTORS® reported 7,492 sales through TREB's MLS® System in October 2018 - a six per cent increase compared to October 2017. On a preliminary seasonally adjusted basis, sales were down by one per cent compared to September 2018.
The average sale price for October 2018 was up by 3.5 per cent on a year-over-year basis to $807,340. After preliminary seasonal adjustment, the average selling price was up one per cent compared to September 2018. The MLS® Home Price Index (HPI) Composite Benchmark price was up by 2.6 per cent compared to October 2017. Price growth continued to be driven be the condominium apartment and higher density low-rise market segments.
Annual sales growth has been positive since the late spring. While the OSFI stress test and higher borrowing costs have kept sales below 2016's record pace, many households in the Greater Toronto Area remain upbeat on home ownership as a quality long-term investment. A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019.
There were 14,431 new Listings entered into TREB's MLS® System in October 2018 - down 2.7 per cent compared to October 2017. The fact that sales were up and new listings were down year-over-year in October suggests that market conditions became tighter.
Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area. With municipal elections in the rear view mirror, all levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market, including facilitating the development of a broader array of medium density housing choices.
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When we were looking at the wrong house on the right street, Elvis was there to help us see that we wouldn't get any value in the purchase. In fact, he said he wouldn't feel right if we bought the house at the list price because it was overvalued. He promised us something better would come up and it did. Now we own a beautiful house in our desired neighbourhood thanks to Elvis and his team. Not only would we recommend his services to family and friends, we would tell them they're crazy to use anyone else!" - T and Z. Baricevic
One thing is for sure; we all know that we need a roof over our head.In most peoples case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have a rich family that can offer you FREE or Reduced Rent. The point is, we ALL have to pay for a roof over our heads. Real Estate has always been considered a Long-Term Investment. The real question you need to ask yourself; do I really want to pay RENT for the rest of my life?
This Grant offers financial assistance to low-income households who own and occupy substandard housing to enable them to repair their dwellings to a minimum level of health and safety. It is called the Residential Rehabilitation Assistance Program (RRAP). Who is eligible?
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition.