Toronto Real Estate Board (TREB) reported that December 2019
residential sales reported through TREB’s MLS® System by Greater
Toronto Area REALTORS® were up by 17.4 per cent year-over-year
to 4,399. Total sales for calendar year 2019 amounted to 87,825
– up by 12.6 per cent compared to the decade low 78,015 sales
reported in 2018. On an annual basis, 2019 sales were in line with
the median annual sales result for the past decade.
TREB reported that there was a recovery in sales activity in 2019,
particularly in the second half of the year. As anticipated, many
home buyers who were initially on the sidelines moved back into
the market place starting in the spring, 2019. Buyer confidence
was buoyed by a strong regional economy and declining contract
mortgage rates over the course of the year. While sales were up in
2019, the number of new listings entered into TREB’s MLS® System
was down by 2.4 per cent year-over-year. For the past decade,
annual new listings have been largely in a holding pattern
between 150,000 and 160,000, despite the upward trend in
home prices over the same period.
“Over the last ten years, TREB has been drawing attention to the
housing supply issue in the GTA. Increasingly, policy makers,
research groups of varying scope and other interested parties
have acknowledged that the lack of a diverse supply of ownership
and rental housing continues to hamper housing affordability in
the GTA. Taking 2019 as an example, we experienced a strong
sales increase up against a decline in supply. Tighter market
conditions translated into accelerating price growth. Expect
further acceleration in 2020 if there is no relief on the supply
front,” TREB stated.
The MLS® Home Price Index Composite Benchmark was up by 7.3 per
cent on a year-over-year basis in December 2019. From June 2019
onward, the annual growth rate in the MLS® HPI Composite
Benchmark accelerated. The average selling price in December
2019 was $837,788 – up almost 12 per cent year-over-year.
For calendar year 2019, the average selling price was $819,319
– up by four per cent compared to $787,856 in 2018.
Source: Toronto Real Estate Board
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