GTA real estate market posts price declines in second quarter of 2018

The Royal LePage House Price Survey and Market Survey Forecast released in July have announced that housing sales and price increases across the GTA have continued to slow in the second quarter of 2018. House prices in the GTA decreased 1.9 per cent overall year-over-year to just over $820,000 during the second quarter.

On a year-over-year basis, house prices increased in Toronto by 3 per cent to around $860,000, and median condominium prices rose by 9.3 per cent to around $550,000. While home values in Brampton and Scarborough remained rather stagnant, Durham Region saw housing price declines of about 5 per cent in Oshawa and about 4 per cent in Ajax, to approximately $530,000 and $660,000, respectively. In Whitby, house prices decreased by 5.5 per cent to about $660,000 when compared to the second quarter of 2017, and house prices fell by 4 per cent in Pickering to just under $700,000.

The two largest areas with declining appreciation of home values are Richmond Hill and Vaughan, which were previously the fastest growing. Vaughan and Richmond Hill saw overall price declines by 6 per cent and 12.4 per cent to approximately $1.0 million and $1.1 million, respectively.

As consumer confidence improves, Royal LePage predicts that overall house prices will rise by 2.1 per cent to nearly $840,000 on a quarter-over-quarter basis in the third quarter of 2018.

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