Thursday, June 6, 2019 / by Sally Niu
The Toronto Real Estate Board released the May and the second quarter of 2019 GTA real estate transaction data in their latest reports.
Interpreted intelligently, these statistics could provide invaluable insights to 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 three TREB reports into a bite-sized digest so you can be better informed of today’s market in no time.
In the recently released Market Watch report, TREB reported 9,989 transactions through the MLS system in May 2019. This represented a substantial increase of 18.9% compared to the 15-year low in May 2018. This figure, however, was still below May’s average sales for the past 10 years, which is approximately 10,300.
According to TREB President Mr. Bhaura, the overall shift in the market throughout the second quarter of 2019 has been quite progressive. “After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing. Households continue to see ownership housing in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across a diversity of sectors.”
New listings increased slightly by 0.8% year-over-year to 19,386. This was outnumbered by the 18.9% increase of sales during the last 12 months. Therefore market conditions continue to be in favour of the sellers. The average selling price for all home types combined was up by 3.6% to $838,540. According to TREB, this was driven primarily by the condo, apartment, and townhouse segments.
Read the full TREB May Market Watch report here: http://www.trebhome.com/index.php/market-news/market-watch