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December 2019 Market Stats

07 January 2020
While GTA buyers were stress-test-adjusted and benefiting from lower interest rates, the December 2019 real estate market heavily favoured sellers. The Toronto Real Estate Board MLS has reported a near 12 per cent increase in the average selling price of a GTA home over the previous year - $837,788 in December 2019 compared to $749,014 in December 2018. This remarkable price acceleration points directly to historic lows of available active listings that, in December 2019, were down by over 35 per cent, which is equal to 4,000 fewer active listings than in 2018. Despite the inventory challenge intensifying, transactions in Canada’s largest real estate market for all of 2019 increased by 12.6 per cent year over year, finishing out at 87,825.

Market Stats For November 2019

04 December 2019

HISTORIC HIGHS AND LOWS FOR PRICES AND INVENTORY.

The Toronto Real Estate Board MLS reported an average selling price of $843,637 this November, up 7 per cent from last year. The increase in prices, largely led by the condominium segment, is the second biggest in history for the month of November, with only the November 2016 benchmark showing greater gains. The 7,090 sales reported for November is a jump of 14.2 per cent over last year. However, according to an analysis by Better Dwelling, even with the big jump, November 2019 sales were still 3.85 per cent below the 5-year median volume for the month. This highlights the continued problem of low inventory. New listings in November were down by 17.9 per cent from last year and active listings were down by 27.2 per cent. Fewer listings combined with higher sales sent total inventory to historic lows for this month.


October 2019 Market Stats

05 November 2019

8,491 home sales were reported through the Toronto Real Estate Board MLS in October 2019, continuing the trend of improved year over year sales with a 14 per cent jump from the same month a year earlier. Conversely, the number of properties for sale continued to trend downward with a 9.6 per cent decline in new listings and an 18.8 per cent decline in active listings compared to October 2018. More sales with less inventory resulted in a 5.5 per cent growth in prices averaged across all property types. With the risk of rising interest rates muted, the supply crunch in the GTA continues to impact affordability as the key driver of rising price growth.



August 2019 Market Stats

07 September 2019

7,711 home sales were reported through the Toronto Real Estate Board MLS in August 2019, representing a 13.4 per cent increase over August’s 2018 results. Detached home sales in the 905 area showed the most significant increase of all property types with a 24.5 per cent rise year-over-year. The federal government’s First-Time Home Buyer Incentive (FTHBI) that came into effect on September 2 may add further momentum, as the 905 area is anticipated to be a more likely beneficiary of the program than the 416 area. Total Active Listings continue to be an important part of the story with a drop of available inventory across the board of 11.16 per cent from last year. The 416 area had under 30 per cent of the 15,870 Active Listings reported by TREB for August, indicating that the 905 is heating up faster than the City.