The Greater Toronto Area’s resale condo market is going strong according to the latest quarterly findings from the Toronto Real Estate Board, but there are some areas where average prices are falling.
According to the survey results, newcomers account for 21% of all homebuyers in Canada. If the international migration level remains the same, newcomers are expected to buy 680,000 homes in Canada over the next five years.
With a busy summer behind us, it looks like the Greater Toronto Area’s luxury home market is poised for a strong fall, according to Sotheby’s International Realty Canada’s latest Top-Tier Real Estate report.
In August 2019, national home sales increased for the sixth month in a row, coming in 17% higher than the six-year low hit in February 2019. On a year-over-year basis, national sales jumped 5%, with significant activity in the Greater Toronto Area.
The report looks at the first seven months of 2019 compared to the same period in 2018. Considering transactions in January to the end of July, the median price per square foot of a condo unit in the GTA increased 9.1% year-over-year to $743.
The Toronto housing market has long had a reputation for being the hottest in the nation – even in the aftermath of provincial and federal policies introduced to cool prices, the city continues to see home values appreciate at a blistering pace.