Friday, September 13, 2019 / by Sally Niu
In its August Market Watch Report, TREB announced a fifth double-digit growth in residential sales since April 2019. The average sale price continues to rise as the GTA housing market tightens up. The biggest increase in price, however, is still in the condo segment.
Interpreted intelligently, these statistics could provide invaluable insights for home buyers, sellers, tenants, and landlords alike. From determining your buying or selling strategies, adjusting timelines, to setting up realistic expectations, and predicting investment outcomes, these insights can guide consumers to act from an educated position.
Drawing on more than 50 years of expertise in real estate, Boiron Group summarized the TREB reports into a bite-sized digest so you can be better informed of today’s market in no time.
Home Sales Increased by 13.4% Year-over-Year
With the unemployment rate down, it’s no surprise that the Toronto real estate market has seen another increase in its sale transactions compared to last year. Accounting for a 46.9% share of the total sales, demand for detached homes has been on the rise. Even though the numbers aren’t back to the record levels of 2016 and early 2017, August 2019 has seen a 21.3% Year-over-Year increase in detached home sales.
Demand continued to surpass supply in the GTA housing market
With sales up by 13.4% compared to last year and active listings down by 11.2%, the GTA housing market is still under the spell of uneven supply and demand. Compared to last month, the number of active listings went down by 2.1% while sales were up by 0.8%, after preliminary seasonal adjustment.
Average sale price increased by 3.6%, condo prices rose 6.1%
While the average price of detached homes stayed relatively stable (with a minor 0.3% increase), the prices of semi-detached homes, townhouses and condos continued to rise, lead by condo prices with a 6.1% year-over-year growth. This growth rate in condo prices is triple the current inflation rate of 2%.
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