Toronto Real Estate TREB Published September, 2019 Resale Market Figures

 

Toronto Real Estate TREB Published September, 2019 Resale Market Figures

 

Toronto Real Estate Board published that Greater Toronto Area REALTORS® reported
7,825 sales through TREB’s MLS® System in September 2019. This result represented strong
year-over-year sales growth of 22 per cent compared to 6,414 sales reported in September
2018. It is important to note, however, that sales remain well-below the record September 2016
peak of more than 9,800 sales.

 

On a preliminary seasonally adjusted basis, the September 2019 sales level remained in
virtually the same as the August 2019 result.

 

The supply of listings continued to be a concern in September 2019, with new listings down by
1.9 per cent year-over-year to 15,611. The Toronto market has experienced multiple months
this year wherein the annual rate of sales growth outpaced the annual rate of new listings
growth, resulting in the overall number of active listings at month-end being well-below
last year’s levels. This speaks to tightening market conditions and an accelerating annual
rate of price growth.

 

Demand for ownership housing increased throughout the spring and summer of 2019
compared to the very slow pace of sales experienced in 2018. Many first-time buyers
are still experiencing difficulty finding an affordable home. Federal parties vying for seats
in the October, 2019 election have pledged to alleviate affordability issues hampering
first-time buyers with a variety of policy proposals. While these demand-side proposals
are important, it is also important that all levels of government remain focused on
promoting a sustainable supply of different housing types moving forward,

 

The annual rate of price growth in September, 2019 reached the highest point so far in
2019. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.2 per cent
on a year-over-year basis in September, 2019. The average selling price for all home
types combined was up by a similar annual rate of 5.8 per cent to $843,115.

 

On a preliminary seasonally adjusted basis, the September 2019 average selling price
was up by 1.2 per cent compared to August 2019.

 

The market conditions for detached homes have tightened over the past year. In
many of the regions surrounding the City of Toronto, detached price growth was
above the rate of inflation on an annual basis. Consumer polling conducted for
TREB over the past few years has pointed out that many intending home buyers are
still focused on ground-oriented housing. This points to the need for a greater
diversity of housing types to bridge the gap between detached houses and
condominium apartments,

 

Statistics Canada’s recent national population estimate represented the highest
twelve month population increase ever recorded. This growth was driven by
immigration, of which the GTA was likely a key beneficiary due to its strong regional
economy and diversity. As a result, the demand for all types of housing in the
GTA – rental and ownership – will remain strong. This fact underpins the need for
immediate and sustained action on housing supply,

 

 

 

Source: Trebhome.com

 

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This Toronto housing market may be a better time for “Move-up”, “Move-down” or “Empty-nester” Sellers and Buyers. Want a “Market Update” of your home in 2019? Please click the image below or call or text Max Seal, Broker at 647-294-1177 or send an email.