According to the newly released Toronto Real Estate Board’s stats, the condominium sector continue to ‘lead the pack’ in terms of price growth, despite there being a shorter supply of – and higher demand for – frehold properties! The demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016!
Here’s the Toronto Real Estate Board’s analysis for August 2019, with graphics courtesy of Market Watch:
TORONTO, SEPTEMBER 5, 2019 – Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB’s MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a monthover- month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.
GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017.
Market conditions also became tighter in August 2019 compared to a year ago, because, while sales were up year-over-year, new listings were down by three percent over the same time period to 11,789. Year-to-date, growth in sales has welloutstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 per cent compared to August 2018.
The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9 per cent on a year-over-year basis. The average selling price, at $792,611 in August 2019, was up by 3.6 per cent year-over-year. Both the MLS® HPI benchmark pricesand average selling prices were up on an annual basis for major market segments.The condominium apartment segment continued to lead the way in terms of pricegrowth, followed by higher density low-rise home types and finally detached houses.
If you’d like to see more in depth figures – by housing type and/or geographical area – here’s the complete set of Aug 2019 TREB Stats
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Steven Fudge, Sales Representative
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