It’s astonishing how well the housing market in Toronto has done in just a short amount of time.
To properly conceptualize this spike, there were a total 9,042 units sold last month, which compared to the 7,744 units sold in April 2018, demonstrate a 17% increase, as stated by the Toronto Real Estate Board.
Interestingly enough, sales increased 11% when compared to March, and the average price of a home increased at approximately 1.9% from a year ago to $820,148.
With the new restrictions placed on mortgage regulation, coupled with the imposed taxes on foreign buyers last year, many worried that the procedures taken to cool off the rising housing market were to rash. It’s evident that the real estate market in this city is finally steadying after a rough slump witnessed a year prior. Garry Bhaura, TREB President stated,
“The strong year-over-year growth in sales is obviously a good news story and likely represents some catch-up from a slow start to the year.”