Greater Toronto Realtors reported 8,491 residential sales through the Toronto MLS system in October 2019. The number of transactions in October jumped by 14.0% compared to 7,448 in October 2019. GTA-wide, sales were up on a year-over-year basis for all major home types.
For the region as a whole the townhouse home type in the GTA experienced the largest sales increase in October at 21.3%.
“A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home. The problem is that the supply of available listings is actually dropping, resulting in tighter market conditions and accelerating price growth,” said TREB’s President Michael Collins.
The number of new listings reported in October 2019 was down by 9.6% compared to October 2018. The number of active listings reported in October 2019 was down by 18.8% compared to October 2018. Both statistics support tighter market conditions across all home types.
The average price in October was up by 5.5% from the same time last year to $852,142. Condo apartments in the GTA led the way in terms of an average price increase at 9.6% compared to the same time last year.
“As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth. While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers,” said Jason Mercer, TREB’s Chief Market Analyst.
Sales of Toronto (416 area code) condominium apartments increased by 4.4% in October 2019. The average price of a 416 condo apartment increased by 9.6% in October 2019 from the same time last year to $662,631.
Condominium apartments accounted for 26.1% of total GTA sales in October while detached homes accounted for 46.6% of the total sales.
Other notable statistics include the average days on the market in the GTA for October at 23 days, down from 24 days a year earlier. The sales-to-listings ratio for October 2019 was 55.2% 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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