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.
I have a confession to make - I’m slightly conflicted about the state of the Greater Toronto Area’s housing market. Is there actually an affordability crisis? Does the mortgage stress test actually need to be adjusted?
Despite the stress test, Canadian home sales are returning to healthy levels, according to the monthly report from the Canadian Real Estate Association. In July 2019, national home sales increased for the fifth consecutive month.
In Ontario, recreational property prices increased 8% year-over-year. Properties with water access in places like Collingwood and Blue Mountain saw median prices going up as much as 36%. The Haliburton waterfront area saw prices increasing nearly 30%.