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
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 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 –
*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!