Home Sale Prices Reach New High for 2019
The Greater Toronto Area real estate market saw 7,825 sales in September, according to the latest report from the Toronto Real Estate Board (TREB).
The good news: that represents a substantial year-over-over growth of 22% compared with September 2018 and keeps pace with the number of sales reported in August 2019. Average selling prices also saw an increase, reaching the highest point of the year. The average price for all home types last month was $843,115, a year-over-year increase of 5.8%. The not-so-good news: supply remains a concern. Just over 15,600 new listings were added last month, which is a decline of 1.9% from new listings added in September 2018.
“We have experienced multiple months this year wherein the annual rate of sales growth outpaced the annual rate of new listings growth, resulting in the overall number of active listings at month-end being well-below last year’s levels,” reads the report. “This speaks to tightening market conditions and an accelerating annual rate of price growth.” The report also underscores the need for “for immediate and sustained action on housing supply” by federal leadership.
Parties have “pledged to alleviate affordability issues hampering first-time buyers,” says TREB president Michael Collins. “While these demand-side proposals are important, it is also important that all levels of government remain focused on promoting a sustainable supply of different housing types moving forward.” With the October 21 election quickly approaching, it will be interesting to see how the elected party will approach housing.
Toronto Housing Gap Continues to Grow
The latest report from Toronto Real Estate Board (TREB) is out, and according to September 2019 statistics, condominium apartments continued to play a substantial role in the health of the Greater Toronto Area real estate market.
The average selling price for all home types reached $843,115 last month, representing a year-over-year increase of 5.8% and a month-to-month increase of 1.2%. Looking at various market segments, the average selling prices for condos saw year-over-year increases of 3.3% in the 416 region and 9.2% in the 905 regions.
Sales were up last month as well, both on average and specifically within the condo segment. GTA real estate agents reported 7,825 sales in September, representing notable year-over-year growth of 22%. Condo sales grew by 15.9%.
While condo apartments helped boost the performance of the GTA real estate market this year, TREB notes that its consumer polling indicates that prospective homebuyers show a preference for “ground-oriented housing,” which “points to the need for a greater diversity of housing types to bridge the gap between detached houses and condominium apartments,” says Jason Mercer, TREB’s chief market analyst.
With the federal election fast approaching on October 21, it will be interesting to see what housing policies the elected party may or may not enact to address that gap and other issues at play in housing markets across the country.
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