5 November 2018

However, the Board believes the market conditions may tighten as the weak supply is still an issue and the demand remains very strong. Last month, the number of new listings was down by 2.7% annually.

Meanwhile, the unemployment rate in Ontario reached 5.6%, which is just 1% away from the record low level.

“A strong provincial economy and robust population growth will keep supporting the housing market demand in 2019”, – Bhaura noted.

According to the report, the main drivers for the prices growth were condos, outpacing detached homes. The average condo prices went up by 7.5% on a year-over-year basis, while detached houses showed only a 1% increase. Semi-detached homes were up by 6.6%. As a result, the average condo price reached $562,523, which is almost twice lower than in case of a detached home ($1.02 million).