| Market Update

Market Conditions Continue to Tighten


Real estate agents in the Greater Toronto Area reported 8,860 sales last month, according to the latest market report from the Toronto Real Estate Board (TREB).

That marks a 10.4% increase compared to June 2018 and an 11.3% decrease from May 2019.

The overall average selling price in June was $832,703, which is a 3% increase compared to June 2018 and a 0.7% decrease compared to May 2019.

New listings, meanwhile, saw a year-over-year decline of 0.4% and a month-to-month decrease of about 18.4%.

“Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price growth throughout the second quarter,” says Jason Mercer, chief market analyst for TREB. “However, because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types, which … provide more affordable housing options under the new OSFI stress test regime.”

To help alleviate constrained housing supply, TREB CEO John DiMichele says, “Finding ways to add more mid-density housing types to existing neighbourhoods and new developments needs to be a key component of municipal, provincial and federal housing plans and policies moving forward.”

Townhomes and Condos Continue to Lead the Market


Higher density home types continued to be a driver of sale prices in the Greater Toronto Area last month.

According to the latest market report from the Toronto Real Estate Board (TREB), the overall average selling price in June was $832,703, which is a 3% increase compared to June 2018.

The average condo selling price rose by 5.2% year-over-year, while the average townhouse selling price rose by 3.9%.

While the number of condo sales decreased slightly last month compared to June 2018 sales, townhouse sales leapt by 12%.

Real estate agents in the Greater Toronto Area reported 8,860 sales (across all housing types) in June 2019, marking a 10.4% increase compared to June 2018.

“While some home buyers may have adjusted to the OSFI stress test by looking to more affordable housing options, this could present an issue over the longer term because we aren’t adding a meaningful amount of new mid-density housing supply to bridge the gap between condominium apartments and detached houses,” says TREB CEO John DiMichele. “Finding ways to add more mid-density housing types to existing neighbourhoods and new developments needs to be a key component of municipal, provincial and federal housing plans and policies moving forward.”

How do these numbers affect you? Would you like to know what your home is worth in today’s market? Please contact us today at Hello@ChristineCowern.com or 416-291-7372.

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