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.
The Toronto Real Estate Board released its resale housing market results for March 2019, reporting steady sales and prices, though the market remained tight. TREB also continues to blame the mortgage stress test for slower sales.
Vancouver’s shift to a buyer’s market continued in both the condo and single-family markets. Buyers and sellers have stepped to the sidelines; buyers want to see if prices will keep dropping and sellers are hoping prices stabilize or go back up.