6 September 2018

“We’re very glad to see the on-going rebound of the homeownership demand,” – Bhaura noted.

Although preliminary seasonally adjusted sales last month rose by 2% from July, TREB says the seasonally adjusted average home price fell by 0.2% over a month.

Meanwhile, August saw more new listings, growing by 6% annually to 12,166.

According to TREB’s director of market analysis, Jason Mercer, the annual rate of sales growth exceeds the annual rate of new listings growth, leading to tighter market conditions than a year ago.

He says the region has less than three months of inventory, with Toronto showing even less than two months.

“In other words, despite the fact that sales are still lower than in 2016 and 2017, many GTA neighbourhoods keep struggling with the lack of supply”, – he noted. “It could become a serious problem in case the demand continues to grow as it’s expected next year”.

The MLS home price index went down by 6.52% in York Region, by 1.17% in Durham Region and by 1.29% in South Simcoe County. Meanwhile, Halton and Peel regions showed almost 2% increases per each, and Toronto rose by as much as 6.07%.

BMO analyst Robert Kavcic believes the market remains relatively stable, although slightly weak.