Real estate market stabilizes in Toronto

Real estate markets have stabilized in Toronto as per reports for almost the first time over the last 6-7 months or even more. TREB (Toronto Real Estate Board) has already reported that declines in prices across the GTA (Greater Toronto Area) have somewhat normalized and improved for May 2018. Sales volumes have steadily gone up in Toronto’s real estate market, primarily in the suburbs. Prices of average homes are now lower in the GTA which makes it more beneficial for prospective homebuyers to invest now. The composite benchmark price was reported as $772, 100 as per TREB while the City of Toronto touched $840, 200 as the composite benchmark which is an increase of 1.29% as compared to last year.

Single-family unit prices have come down a little and it is the same case for condominiums which continue to remain a hot-selling real estate category in Toronto. Some of the leading projects in Toronto in this segment include Fleur Condos, Panda Condos and 88 East Condos to name a few. The benchmark price has shown signs of revival which points at a stronger real estate market in Toronto for the time being. Median sales prices improved handsomely by 3.97% as compared to last year, standing at $682, 000 as per reports issued by TREB. Average selling prices increase by approximately 2.01% to stand at $807, 871. The City of Toronto had $870, 559 as the average selling price, 5.16% higher than last year.

Sales volumes have increased by 2.39% for June 2018 as reported by TREB. 8, 082 units were sold in the month. Sales volumes were 3, 096 units in the City of Toronto while the suburbs had 4, 986 units being sold. Sales were a little less in the city and more in the suburbs as seen by market experts. New listings are still on the lower side although things should pick up soon as per experts.