Although the price of owning a home has come down, home sales in September haven’t gone back to its usual level compared to the same time last year. However, condo sales are healthy and continue to rise.
According to Toronto Real Estate Board (TREB) listings were up by 9.4 per cent compared to September 2016 but sales were down by 35 per cent.
The overall average price of homes in the GTA was $775,546 last month — up 2.6 per cent from the same time last year.
This follows a spring buying season in which the growth in Greater Toronto real estate prices slowed considerably, in the wake of measures taken by the provincial government to cool off the region’s red hot market.
But the board says the numbers indicate sellers think buyers are coming back to the market.
But even with more supply of single-family homes, the supply of condos in the GTA is still tight and prices show no sign of cooling off.
While the numbers have jumped, they’re not entirely surprising.
With millennials now entering the real estate market in bigger numbers, it becomes for them economically imperative to seek out housing more aligned with their smaller budgets and lifestyle.
The lifestyle of a downtown millennial or family living in a condo does not revolve around the house. They usually simply use their places as a crash pad and use restaurants as an extension of their dining room. – CINEWS