TREB Published July, 2019 Resale Market Figures
Toronto Real Estate Board (TREB) announced that Greater Toronto Area REALTORS® reported
8,595 sales through TREB’s MLS® System in July 2019. This result was up by 24.3 per cent
compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after
preliminary seasonal adjustment.
New listings entered into TREB’s MLS® System in July 2019 were up by 3.7 per cent
compared to July 2018 and by a much lesser annual rate than sales, With annual growth
in sales far outstripping annual growth in new listings, market conditions clearly tightened
compared to in 2018. Active listings at the end of July 2019 were down by 9.1 per cent
year-over-year, further reflecting tightening market conditions.
The OSFI mortgage stress test had some impact on the number of home sales
over the last 18 months, Yet for most GTA residents the goal of home ownership has not
diminished. In fact, we’re seeing growing pent-up demand for ownership of housing.
The number of GTA households continues to increase by 40,000 to 50,000 each year due to
strong population growth in GTA area. More and more households are able to manage
the stress test and move back into the market in the coming months and years, They may
suffer from a chronically under-supplied marketplace and an acceleration of home price
growth to unsustainable levels. Fortunately, policy makers have acknowledged the housing
supply issue and are working on changing housing policies toward solutions.
On the housing supply issue, it has certainly been encouraging to see both the City of Toronto
and the Ontario Government working on solutions to bring more supply on-line. Based on
Mayor John Tory’s motion, Toronto City Council gave City staff a strong mandate to report back
on how to develop a greater diversity of housing options in traditional single-family
neighbourhoods, including timelines. Similarly, we’ve seen the Provincial Government launch
consultations to spur on, and speed up, the development of different forms of housing in
conjunction with their ‘More Homes, More Choice’ Plan. TREB looks forward to working with
the City and the Province to turn their initiatives into reality,.
As market conditions continued to tighten in July, 2019, the average selling price increased by
3.2 per cent on a year-over-year basis to $806,755. The MLS® Home Price Index Composite
benchmark was up by 4.4 per cent. Higher density home types continued to drive price growth,
whereas detached home prices remained down in many communities throughout the GTA.
Broadly speaking, increased competition between buyers for available properties has resulted
in relatively strong price growth above the rate of inflation for semi-detached houses,
townhouses and condominium apartments. However, the single-detached market segment,
which has arguably been impacted most by the OSFI stress test, has experienced a slower
pace of price growth, with average detached prices remaining lower than levels in 2018 in
some parts of the GTA,
Thinking to sell your house or Condo in Central Toronto areas and/or in downtown Toronto areas? Please call, text or email Max Seal, Broker at 647-294-1177. Please visit http://www.TorontoHomesMax.com for a FREE Home Evaluation“.
Thinking to buy a House or Condo in Central Toronto areas and/or in Downtown Toronto areas? please call or text Max Seal, Broker at 647-294-1177 to buy your dream home or Condo. I offer you a 30-min “FREE buyer’s consultation” with NO obligation.
Please visit my website http://www.centraltorontorealestate.com/ to find out available homes and Condos for sale in Central Toronto areas and/or in downtown Toronto areas.
This Toronto housing market may be a better time for “Move-up”, “Move-down” or “Empty-nester” Sellers and Buyers. Want a “Market Update” of your home in 2019? Please click the image below or call or text Max Seal, Broker at 647-294-1177 or send an email.