October 2019 – Market Analysis
Stability and continued growth has become the theme of the most recent monthly statistics from the Toronto Real Estate Board (TREB). Much of this is a function of continued population growth to the Toronto and GTA area occurring at a more aggressive rate than building. The number of sales and average prices are both on the rise for October 2019 relative to prior months and the same months from the prior year.
In the 905 region alone, we have seen a 4.2% increase in the sale price of detached homes in October 2019 compared to October 2018. Notable is that the number of new listings have decreased by 9.60% from October 2018 (14,435) to October 2019 (13,050). This increasing demand paired with a decline in active listings has resulted in tighter market conditions with more competition between buyers.
Each market is behaving differently and product type continues to produce differing trends. We have seen GTA sales in the $5-million-plus range have only experienced a minor increase in number of transactions, up to 102 sales in 2019 from 94 in 2018 while at the same time the price point between $3,000,000 to $4,999,000 has seen a 4.7% drop in number of sales year to date in 2019 from 2018.
October 2019 – Market Analysis V2
Monthly Percentage Change in Number of Units Sold – October 2019 – Illustration A
Month-Over-Month Average Price Percentage Change – October 2019 – Illustration B
Seasonally Adjusted Month-Over-Month Average Price Percentage Change – October 2019 – Illustration C
Monthly Percentage Change in Average Sale Price – October 2019 – Illustration C