Toronto is feeling the squeeze, with more sales (and more active buyers vying for property) but far fewer listings!!
There were 15,375 active listings across the GTA in October, marking an 18.8% decline compared to a year earlier, according to data released by the TREB this morning.
Here’s the Toronto Real Estate Board’s analysis for October 2019, with graphics courtesy of Market Watch:
TORONTO, November 5, 2019 – Toronto Real Estate Board President Michael Collinsannounced that Greater Toronto Area REALTORS® reported 8,491 residential salesthrough TREB’s MLS® System in October 2019. This result represented a 14 percent increase compared to 7,448 sales reported in October 2018. GTA-wide, saleswere up on a year-over-year basis for all major home types.
The trend of annual growth in sales versus annual decline in new listings continued in October 2019, with new listings down by 9.6 per cent compared to October 2018. The resulting tighter market conditions compared to a year ago resulted in positive annual rates of price growth across all major market segments, from a GTA-wide perspective.
“A strong regional economy obviously fuels population growth. All of these newhouseholds need a place to live and many have the goal of purchasing a home. Theproblem is that the supply of available listings is actually dropping, resulting in tightermarket conditions and accelerating price growth,” said Mr. Collins.
The MLS® Home Price Index Composite Benchmark was up by 5.8 per cent on a year-over-year basis in October 2019 – the strongest annual rate of growth since December 2017. The average selling price for all home types combined was up by 5.5 per cent to $852,142, compared to $807,538 in October 2018.
“As market conditions in the GTA have steadily tightened throughout 2019, we haveseen an acceleration in the annual rate of price growth. While the current pace ofprice growth remains moderate, we will likely see stronger price growth movingforward if sales growth continues to outpace listings growth, leading to morecompetition between home buyers,” said Jason Mercer, TREB’s Chief Market Analyst.
If you’d like to see more in depth figures – by housing type and/or geographical area – here’s the complete set of October 2019 TREB Stats
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