Toronto Real Estate Market Watch 09/19
A busy & productive August has come & gone, and we are right back into the swing of the fall market, with many projects we are extremely excited to share – for now, here is this month’s market report!
First and foremost, the detached real estate market in the GTA is seeing a few indicators improve. TREB data shows detached sales made a double-digit surge in August in a year-over-year increase, as it rebounds from mortgage controls introduced last year that sidelined some buyers. The rise in sale activity was also accompanied by higher prices, and less inventory than last year. TREB reported the typical detached home price hit $943,000 in August, up 3.07% from last year. In the 416, the typical detached fell to $943,000, still up 2.95% from last year!
In addition, housing sales in the GTA rose 13.4% in a year-over-year comparison for August, with 7,711 homes sold in August 2019, versus 6,797 in August 2018. However, inventory in Toronto remains a point of tension, with marginal increases in the number of new listings. TREB reported 6,216 new listings in August, up 0.79% from last year, and the 416 represents 1,138 of those listings, up 6.25% from last year. These stats show us new listings in the suburbs (905) are growing at smaller pace than they are in the city (416), however the 416 lacks the inventory of a population that needs housing.
“The GTA’s strong economy, cultural diversity and internationally recognized quality of life continues to attract newcomers to the region each year,” TREB CEO John DiMichele said in the statement. “However, our housing supply has not kept up with population growth, which has led to pent-up housing demand.”
Where will the market go next? We have an idea, and we want to tell you! To get the conversation started, reach out to us at firstname.lastname@example.org or 416-699-0303 – we look forward to hearing from you.