Toronto real estate market watch august 2018 ( Toronto market watch )

This page is a quick review on the Toronto real estate market watch august 2018. This is based on the most recent statistic report by Toronto Real estate board.

The latest TREB report shows an increase of 8.5% for year to year total residential transactions for August 2018 .This analysis compares transactions on August 2018 to the same month in 2017. This positive change represents an increase of demand for housing ownership. Many buyers changed their plan for ownership to rent after enforcement of the new Ontario Fair Housing Plan. The Ontario government enforced new mortgage guidelines since May 2017 due to huge market instability started from 2016

The statistics show more tenants who suspended their dream for owning their own house may think differently. Besides that, the new mortgage qualification rules affected strongly the rent market since May 2017, too. Now, tenants start review again their decision after unexpected rent increase rates in Toronto and GTA area. Every month, new tenants pay bigger part of their income for rent. TREB statistics show that Condo rentals in Toronto and GTA area increased to double digit for all types of condo since 2017. The average one bedroom monthly rent in second quarter of 2018 shows an average increase of 10.43% comparing the same quarter in 2017.

Toronto real estate market recovers?!!

TREB MLS statistics shows that sales were up 2% compared to the previous month ( July 2018 ). Many home owners decided to change their plan after decreasing of market prices since May 2017. But, new report shows that listings number is increasing again.

There were 12,166 homes listed in August 2018. The report shows an increase of the share of sales to listings. As a result, market shows more competition between buyers. Total new listings in August 2018 show 6% increase comparing the same month in 2017. There is only about 2.5 months of inventory in the TREB market area and this could present a problem if demand continues to accelerate with the same trend. This overview is supported by an increase of 4.7% year to year average price increase of sold properties comparing August 2017. Toronto real estate market watch august 2018 provides a general idea for home seller and buyers to plan for their real estate projects in the coming months.