There was a 1.9% rise in home sales in the GTA last month compared to a year earlier while month-over-month sales edged 0.2% higher.
The 6,455 sales through the Toronto Real Estate Board’s MLS came as new listings decreased 3.1% year-over-year, tightening the market and pushing the month’s average selling prices up 2.9% year-over-year to $796,786 (although this was down 0.5% month-over-month).
"It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year's lows. At the same, however, it is important to remember that TREB's market area is made up of over 500 communities. Market conditions have obviously unfolded differently across these communities," said TREB president Garry Bhaura.
He added that the ongoing growth of the GTA population means that supply remains the challenge for the market, not demand.
"Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses. In many neighbourhoods, these home types provide more affordable home ownership options. This is why a policy focus on increasing mid-density housing options throughout the GTA is important," said Jason Mercer, TREB's Director of Market Analysis.