Less than a year ago, the Supreme Court rejected the Toronto Real Estate Board’s appeal to prevent brokerages and real estate agents from publishing sold data online. Now a whole crop of “proptech” companies have launched.
The Canadian Real Estate Association released its housing figures for last month, reporting that sales on a national level increased 3.6% month-over-month, based on transactions reported through Canadian MLS systems.
In April, there were 9,042 home sales in the Greater Toronto Area reported through the MLS system, which is 16.8% higher than the same period last year. This is also 11.3% higher than the amount of sales in March 2019.
Even as housing prices have cooled throughout the GTA since the 2016 market peak, the average house still fetched $873,100 as of March, while the typical condo unit costs over half a million dollars, at an average of $522,300.
As millennials continue to be priced out of many urban housing markets across the Greater Toronto Area, Montreal is becoming an affordable haven for younger buyers, but the wide selection and relatively low prices won’t last forever.