Greater Toronto Realtors reported 8,860 residential sales through the Toronto MLS system in June 2019. The number of transactions in June jumped by 10.4% compared to 8,024 in June 2018.
For the region as a whole the detached home type in the GTA experienced the largest sales increase in June at 18.6%.
The number of new listings reported in June 2019 was down by 0.4% compared to June 2018. The number of active listings reported in June 2019 was down by 5.7% compared to June 2018. Both statistics support tighter market conditions.
“As I start my term as President of TREB, I am proud to say that the GTA continues to grow, in terms of employment, population and overall diversity. As people are attracted to our region from all around the world, they obviously need a place to live. Over the next year, as demand for ownership and rental housing continues to grow, my hope is that will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side polices, including the OFSI two percentage point mortgage stress test and allowable amortization periods on insured mortgages”, said Michael Collins, TREB’s President.
The average price in June was up by 3.0% from the same time last year to $832,703. Semi-detached homes in the GTA led the way in terms of an average price increase at 5.3% compared to the same time last year. For the first half of 2019 . the average selling price was $810,661, representing an increase of 2.4% compared to the first half of 2018.
“Buyers started moving off of the sidelines in the spring, as evidenced by strong year-over-year price growth throughout the second quarter. However, because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types, which, on average, are less expensive than traditional detached houses and therefore provide more affordable housing options under the new OFSI stress test regime,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 5.6% in June 2019. The average price of a 416 condo apartment increased by 5.1% in June 2019 from the same time last year to $636,606.
Condominium apartments accounted for 24.3% of total GTA sales in June while detached homes accounted for 47.7% of the total sales.
Other notable statistics include the average days on the market in the GTA for June at 21 days, unchanged from a year earlier. The sales-to-listings ratio for June 2019 was 45.1% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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