GTA REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019, which made sales rise by 24.3 per cent compared to July 2018. According to TREB, sales were up by 5.1 per cent on a month-over-month basis, after preliminary seasonal adjustment. The biggest spike in sales was recorded in semi-detached and detached house segment, with 42 and 29.7 per cent rise respectively. Townhouses and condominiums rose by 21.6 and 14.3 per cent.
The average price recorded a slight rise by 3-2 per cent across all the segments, setting the average price in July 2019 on $806,755. The only falling segment price-wise were the detached homes, with a slight drop of 0.9 per cent in the year-over-year comparison. Detached homes and townhouses were up by 5.3 and 4.3 per cent respectively. Condominium segment rose by 6.7 per cent in price.
New listings were up by 3.7 per cent in a year-over-year comparison, but it marks a much slower rise than the sales in the GTA. Overall active listings were down by 9.1 per cent, further hinting tightening market conditions. The MLS® Home Price IndexComposite benchmark was up by 4.4 per cent.
Richard Silver, Sales Representative, SVP-Sales
The market in July has been much more active than last year with a growth of 24.3% in the number of sales. The days on market has shortened by two days which could be a bit of a blip but does mean that there are motivated buyers in the marketplace. The price change of 3.2% is excellent as inflation this year has topped at 2.4% and may end up closer to 1.65% meaning that Real Estate prices are somewhat over inflation which is definitely good news for the investor marketplace. The number of listings has gone down over the year however that often happens in the summer as Sellers take their properties off the market and wait for the busier fall months.
If you are selling make sure that you are fully prepared and if you are a Buyer you might want to shop the August market where you can usually get a more eager seller.
It will be an interesting Fall market if the interest rates go down, as that will allow Buyers to access more buying power and hopefully depend less on the Bank of Mom and Dad.