Like clockworks, the Toronto Housing Market has rebounded and is gaining momentum heading into the summer. As predicted last April, the housing market was set to regain its strength by the mid point of 2018. It did not disappoint. For the first month in a year, the 2018 results surpassed those of the ultra hot 2017 for June. June 2018 saw 8082 sales, surpassing June 2017’s 7,893. Average price also increased over June 2017, as this year the average sale price broke $800,000 and finished at $807,871 compared to last year’s $791,929.
For a more comparable look at the market, let’s look at the first six months of 2018. Each month has shown confidence returning to the market, and average price has continued to climb from the 1st of the year to the end of June to the tune of 9.8%.
Units sold also continue to trend up. Each month of 2018 has shown an increase month over month. Consumer confidence continues to grow and as inventory levels come down, we will start to see the multiple offer return to the scene of the crime. 😉 The window of opportunity is closing fast on buyers expecting deals on their purchases, and with price continuing to climb the buyers’ buying power continues to decrease. July and August will be busy months as buyers scramble to get their next home prior to the school year starting up.
20% of 2018’s sales occurred in June. The percentage of sales has been increasing each month and this trend will continue through the third quarter. The pent up demand is fuelling the market right now, and you’re going to see more For Sale signs and Sold signs flood the streets in the next 90 days.
As we get set for a busy third quarter, all eyes are on a busier than normal fall and fourth quarter. The slow winter and spring seasons have seen buyers and sellers wait it out until now and this will translate into homes trading hands throughout the next six months.
The Toronto Housing Market is back, and that’s great news as home sales are the backbone of our economy. Fasten your seatbelt, summer is the new spring. The market is about to take off. 🙂