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% |