This suggests that Toronto is recovering from the market cooling over the past few months caused by stricter lending rules and higher borrowing costs. Sales in June rose by 2.4% compared with the same period in 2017, according to the Real Estate Board of Toronto. Taking into account seasonal fluctuations, buying activity has increased by 18% since May - the biggest monthly increase since 2004.
The prices have also stabilized and reached new frontiers. The average cost of housing has increased by 2% compared to a year earlier - up to $615 000, and increased by 3.3% since May, providing for seasonal fluctuations. Secondary real estate transactions in Toronto jumped by 17.6% in June, which is the most significant increase since 2004.