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Detached-Housing Market Is Breaking Out Of Two-Year Sales Slump In Toronto-Area Suburbs
Below is an excerpt from an article from the Globe and Mail. To read the full article please click here. All rights to the feature image for this post are reserved to the Globe and Mail.
Sales of detached houses in the suburban 905 region outside Toronto are leaping higher after a two-year slump, posting gains of 20 per cent or more in every month since April.
When home sales began a downturn across the Greater Toronto Area in the spring of 2017, no category was harder hit than detached houses in the suburban 905 swath surrounding the city of Toronto. In the summer of 2017, the number of detached houses sold in the 905 fell by almost half compared with a year earlier, as a real estate bubble decisively burst across the region.
After two years of weakness, however, the long slump appears to have come to an end. In August, sales of detached homes in the 905 climbed by 25 per cent over last year, accounting for almost 40 per cent of all homes of any type sold in the GTA.
August marked the fifth consecutive month the 905 region has seen the number of detached houses sold climb by more than 20 per cent, with sales soaring by 30 per cent in July, according to data from the Toronto Real Estate Board.
While detached-house sales have also climbed in the city of Toronto, the recovery is even greater in the huge 905 region, where sales had fallen more sharply. The region encompasses an array of communities such as Oakville, Brampton, Mississauga, Newmarket, Pickering and Oshawa...Read More.
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