Toronto Real Estate Transactions Increased 12.6 Per Cent In 2019

Real Estate

Through 2019, sales activity made an impressive recovery, after reaching its lowest point in a decade last year. Analysts are attributing renewed Buyer confidence to a strong regional economy and declining contract mortgage rates.

Here’s the Toronto Real Estate Board’s analysis for December 2019, as well as the entire calendar year, with graphics courtesy of Market Watch:

 


 

Toronto Real Estate Board President Michael Collins 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.

 

 

“We certainly saw 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. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said Mr. Collins.

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,” said Jason Mercer, TREB’s Chief Market Analyst.

 

 

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.

 

 


 

If you’d like to see more in depth figures – by housing type and/or geographical area – here’s the complete set of December 2019 TREB Stats

At Urbaneer.com, we’re here to help – all without pressure or hassle. We simply love what we do! With a multi-disciplinary education in housing, sound knowledge of the mechanics of real estate and a sharp skill set in evaluating properties for over two decades, we’re here to guide you through all the factors which play into Toronto’s real estate market.

 

~ Steven

Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000

– we’re here to earn your trust, then your business –

Celebrating Twenty-Five Years As A Top-Producing Toronto Realtor

 

*Like what you’ve read? Did you know we were recently listed as one of  The Top 25 Toronto Real Estate Agents To Follow On Twitter,  The Top 50 Blogs On Toronto  and the  Top 100 Real Estate Blogs In Canada!!?  Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design including our love for unique urban homes and other Toronto real estate!

*Love Canadian Housing? Check out Steve’s Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, product and real estate in Canada!

 

Previous Post
Urbaneer’s Top 5 Most Popular Toronto Blogs Of 2019
Next Post
What Does A Toronto Real Estate Lawyer Do For A Property Seller?