Both the number of sales and the prices are rising with the market speeding up this fall. TREB announced 8,491 residential sales reported through TREB’s MLS System in October 2019. This number marks a 14 per cent rise in year-over-year comparison to October 2018.
Interestingly enough the biggest percentual growth was marked in the townhouse market, with a 21.3 per cent change in sales. Detached homes followed with a 19.6 per cent rise in sales. Semi-detached homes and condo sales have gone up 5.9 and 5.1 rise respectively.
The active market has one major concern at the moment and that is inventory. Both new and active listings are down again leading a couple of months streak with negative per cent change in these categories. There were 13,050 new listings added to TREB's MLS System in October 2019, which resulted in negative 9.6 per cent decline since October 2018. Active listings are also down by 18.8 per cent in a year-over-year comparison.
With inventory currently down and not replenishing enough for the current amount of sales being closed, the average price is rising. In October, the average price for home across GTA was $852,142. This represents a 5.5 per cent rise in the price since last October, where the price was on $807,538. Overall, it's not a huge change in price, but with stagnating inventory, we might expect price growth in the upcoming months.
Segment-wise, detached homes naturally remain the priciest, with an average price of $1,049,300. This number represents a 3 per cent rise in a year-over-year comparison. Semi-detached homes are currently priced at $852,669 on average, a 4.2 per cent rise compared to last year and townhouses on $676,802—a 3.1 per cent increase. The biggest increase in price was recorded in the condominium segment—9.6 per cent, putting the average price for a condo around GTA at $617,419 mark.
Richard Silver, Sales Representative, SVP-Sales
Another good news report by the Toronto Regional Real Estate Board with one big exception; The number of listings coming on to the market in the GTA is again down. This is good news for sellers as pricing will continue to increase, however, most sellers become buyers and a tightening market does not bode well for their time as buyers.
We have been seeing more and more off-market/exclusive listings and sales that if they were added to the TREB stats would even make the gains higher. We have had a number of clients who did not want the MLS exposure and were happy to allow showings that came from buyers who were worn out from multiple offers and wanted to get back to negotiating the way that it has been done for years: Back to old school buying and selling.
Whether you are interested in the Multiple Listing Service (MLS) or listing exclusively through Sotheby's International Realty Canada, our commitment in getting you the top-end of your price range will not waiver.
You should see that after Xmas holidays sales will be driven even higher by scarcity so contact us if you are thinking of a move so that we have your property on our radar. We are happy to assist you in addressing work that may need to be done to get the best value in the marketplace.