TREB Realtors reported a total of 4,399 sales for December 2019, which is a 17.4 per cent increase in year-over-year comparison.
The biggest increase in sales was recorded in the detached homes segment with a 26.2 per cent change, followed by townhouses with 19.2 per cent rise. Semi-detached homes marked an increase of 12.1 per cent rise and condominium apartments 6.9 per cent.
The average price for December was $837,788, up by 11.9 per cent with the biggest jump in both detached homes segment and condominium segment. A detached home in the GTA went for $1,052,081 on average in December, which is an increase of 11.6 per cent compared to December 2018. The average price for a GTA condo was $612,464, marking a 0.4 per cent increase YOY. The price of a semi-detached home rose by 6.5 per cent with the average price of $805,144. The average price for townhouses increased by 7.8 per cent to $672,709.
The December market was affected mostly by the lack of inventory. Both new and active listings were down by 18.1 and 35.2 per cent respectively. The average days on the market shortened to 29 days, falling by 6.5 per cent. With these numbers, it's no doubt that Toronto is currently sellers market across all segments.
During 2019, 87,825 sales were recorded through TREB’s MLS® System, which amounts to 12.6 per cent increase in sales since 2018. In fact, 2018 had the lowest sales this past decade, marking only 78,015 sales. According to TREB, 2019 sales were in line with the median annual sales result for the past decade.
Overal, while the sales were up, the inventory decreased by 2.4 per cent over the course of the year in comparison to 2018. The average price across all segments in the calendar year 2019 ammounted to $819,319, marking a 4 per cent growth, compared to the average price in 2018, which was $787,856.
Richard Silver, Sales Representative, SVP-Sales
Toronto continued to be a strong real estate market in December 2019 and our forecast is to continue strong in 2020, but it's definitely a seller’s market. Low inventory and buyer pressure will cause a rise in prices and a busy spring market for buyers, sellers and realtors.
Buyers and realtors will have to keep up with the data and not be afraid of “multiple offers”. The Toronto Regional Real Estate Board has added some new modules for price comparison and we would be happy to connect you to them.
Historically when multiple offers have been the rule, those that keep trying will get and those that don’t even try will watch the market overtake them. Make sure you have good data don’t be afraid to jump in. Nothing ventured, nothing gained!!