The numbers are out and our August 2018 Market Update is here! Continue reading below to find out how the market looks now as compared to a year ago in Toronto, Mississauga, and Brampton!
In Toronto, the average price in August 2018 moved up slightly year over year by 4.7% to $765,270. Condo apartments saw the biggest price gains with an average price of $585,355 - up 8.3% compared to August 2017 when the average price of condo apartments was $540,169.
In Mississauga, the average price in August 2018 grew significantly year over year by 9.1% to $703,579. Like Toronto, condo apartments saw the biggest price gains with an average price of $418,474 - up 9.7% compared to August 2017 when the average price of condo apartments was $381,154.
In Brampton, the average price in August 2018 also increased significantly year over year by 8.2% to $697,738. Detached homes saw the biggest price gains with an average price of $826,841 - up 7.8% compared to August 2017 when the average price of a detached homes was $766,831.
"Market conditions in the summer of 2018, including this past August, were tighter than what was experienced in the summer of 2017. In August, the annual rate of sales growth outpaced the annual rate of new listings growth. We only have slightly more than two-and-a-half months of inventory in the TREB market area as a whole and less than two months of inventory in the City of Toronto. This means that despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from a lack of inventory. This could present a problem if demand continues to accelerate over the next year, which is expected," said Jason Mercer, TREB's Director of Market Analysis.
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