The Toronto Real Estate Board August stats are in. 6,839 single family homes including condominium townhouses and apartments were sold through the Board's MLS system. This number is 8.5% higher compared to the 6,306 sales in August 2017 and 2.0% lower than the 6,961 sales in July 2018.

The average price of a single family home in the G.T.A. is now $785,816 down 4.4% from 2017's average price of $822,582.

The stats are for the entire GTA, which covers from Burlington to Clarington, from Lake Ontario to Lake Scugog.

“Market conditions in the summer of 2018, including this past August, were tighter than what was experienced in the summer of 2017. In August, the annual rate of sales growth outpaced the annual rate of new listings growth. We only have slightly more than two-and-a-half months of inventory in the TREB market area as a whole and less than two months of inventory in the City of Toronto. This means that despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from a lack of inventory. This could present a problem if demand continues to accelerate over the next year, which is expected,” said Jason Mercer, TREB’s Director of Market Analysis.

We track MLS sales on a daily basis. From November 2016 to May 30th 2017, 10% of the sales in C01-C04, C08-C12, E01-E03, W01, W02 sold for asking price or under. In August the sales were 40-70% for asking or under. The districts noted cover roughly the area from the Lake to York Mills, and from the Humber River to Victoria Park.

The residential resale market in the first eight months of 2018 continues to be a story of different markets that vary by housing type and location.

In central Toronto given limited supply and strong demand, there were bidding wars and "bully offers" for well priced or under priced properties in both freehold and condominium segments, last month. The resale market in the 905 region, where the average price had remained flat since August 2017 has seen the average price increase minimally in August.

Our TD mortgage broker says that the Bank of Canada rate will increase 1/4 point by year end and she forecasts two interest rate hikes in 2019.

Best Regards,

Louise & Jason