This article was last updated on April 16, 2022
According to the statistics revealed by a recent report of Toronto Real Estate Board released on Thursday, the board has recorded a surprisingly high boast in the real estate market of the GTA, showing sales to have increased up by 21 per cent in August over a year earlier. Moreover, proving wrong all the analysts who were predicting a market crash, the prices have also rebounded for more than a year now. The average GTA sale price in August was $503,094, i.e. an increase of almost 5.5 per cent from a year ago.
Record shows that even the number of transactions has increased by up to 52 per cent in August, although prices still remain slightly below year-ago levels in what has long been Canada’s hottest, and priciest, housing market. The most strongest growth numbers were witnessed in Toronto’s struggling condo sector last month, where sales increased by up to 20.1 per cent across the GTA, along with 21.4 per cent in the City of Toronto, and prices climbed by 3.7 per cent year over year.
TREB has justified the large increase in the number of sales by pointing towards the fact that buyers have now adjusted to the more rigorous lending rules, which lead them to save up bigger deposits and “have reactivated their search for a home.” However, it was added that several other factors are also under consideration as well: “There is growing confidence, although still considerable wariness, that the market is holding up far better than most observers had expected a year ago.”