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

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

6 August 2019

Housing prices in Toronto are rising, while Vancouver shows a decline

In July, the Greater Toronto Area's home price index rose by 4.4% due to tighter supply and an annual sales increase by 24.3%, says the Toronto Real Estate Board (TREB).

The average selling price in the GTA went up by 3.2% from a year ago and reached $806,755.

Home sales rose from 6,916 to 8,595, with the double digit gains in all categories.

"In other words, higher competition between buyers led to relatively strong price increase, exceeding the inflation rate for semi-detached houses, townhouses and condominium apartments," - Jason Mercer, the real estate board's chief market analyst, noted.

Meanwhile, the sales of fully detached homes felt a larger impact of a stress test with the average price in this segment falling by 0.9%.

In case of the City of Toronto, the average price in this sector was down by 9.1% to $1.23 million, offsetting a 2.5% hike in the 905 area to an average of $929,633.

According to TREB CEO John DiMichele, there is an increasing demand for residential real estate due to strong population growth.

"More consumers adjust to the new stress test and come back to the market, and they could face difficulties with a restrained supply and a sharp prices growth," - DiMichele noted.

Metro Vancouver reported rebounding home sales last month. As a result, a traditionally slow selling period was the second highest month in 2019 so far.

However, the average price for houses in Metro Vancouver was only slightly higher than $1.4 million, which is 10.5% lower than a year ago. In case of townhouses and apartments, the prices were down by 9% and 8.8%, respectively.



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