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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
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5 July 2019

Real estate prices in Toronto are rising, while Canada loses jobs

Following a passive winter, homebuyers in Toronto showed a stronger activity in spring. Moreover, they continued the trend in June, leading to even higher home prices.

Last month, there were 8,860 homes sold in the GTA, which is 10.4% higher than a year earlier, Toronto Real Estate Board (TREB) says. An average price rose by 3% annually and reached $832,703.

“Buyers started returning this spring, and a strong annual prices increase in the second quarter proves that,” - noted Jason Mercer, TREB’s chief market analyst.

“Nevertheless, as there was almost no change in the new listings, the market conditions have become even tighter, particularly in the sector of higher density home types, as they are less expensive and more affordable amid the new OSFI stress test,” – he said.

The average cost of a condo was up by 5.2% on a year-over-year basis to $590,274 last month.

Meanwhile, although May reported the first increase in 2019 for detached houses, June saw a 1.4% prices decline to $1,018,987.

In June, Mercer said that detached home sector would face a longer way to mid-single-digit price growth, which condos are already showing. As the demand for detached houses is lower, there’s a benefit for those who want to purchase one. “You can see a much wider choice in the detached market,” - Mercer noted.

However, last month, Canada's economy lost 2,200 jobs, and the jobless rate reached 5.5%, as more people were looking for a job, Statistics Canada reported. Economists predicted creating about 10,000 jobs.

In spite of fewer jobs, those who still had it, could see a slight increase of their wages in June. "Wage growth for permanent employees was up by 3.6% annually, following a 2.6% gain seen during the previous two months”, - Toronto-Dominion Bank economist Fotios Raptis said.



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