5 July 2018

The combination of growing sales and tighter supply has pushed the average price to $807,871, marking the highest number since May 2017, which was the first full month after the introduction of a foreign buyers tax.

Homebuyers and sellers have been also facing higher borrowing costs, as the central bank has raised the rates three times since last summer and the Office of the Superintendent of Financial Institutions implemented a new stress test for uninsured buyers with at least 20% down payment.

“After adjusting to the new rules and higher borrowing costs, home buyers are coming back to the market”, – noted TREB’s President Garry Bhaura.

TREB MLS® Sales & Average Price  By Home Type June 1 – 30, 2018

Sales

Average Price

416

905

Total

416

905

Total

Detached

885

2,704

3,589

1,354,429

928,560

1,033,574

Yr./Yr. % Change

5.9%

5.3%

5.5%

-2.4%

-1.8%

-1.9%

Semi-Detached

297

519

816

999,754

665,606

787,227

Yr./Yr. % Change

8.4%

7.9%

8.1%

1.4%

1.8%

1.7%

Townhouse

308

1,024

1,332

736,963

608,969

638,566

Yr./Yr. % Change

5.1%

5.5%

5.4%

5.6%

2.4%

3.2%

Condo Apartment

1,593

641

2,234

605,530

450,672

561,097

Yr./Yr. % Change

-6.0%

-3.6%

-5.3%

9.5%

3.4%

7.9%

 

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