In June 2018, the number of real estate transactions in the largest city of Canada have attained their maximum for the last 14 years.
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.