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GTA REALTORS® Release October 2019 Stats
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,491 residential sales through TREB's MLS® System in October 2019. This result represented a 14 per cent increase compared to 7,448 sales reported in October 2018. GTA-wide, sales were up on a year-over-year basis for all major home types.
The trend of annual growth in sales versus annual decline in new listings continued in October 2019, with new listings down by 9.6 per cent compared to October 2018. The resulting tighter market conditions compared to a year ago resulted in positive annual rates of price growth across all major market segments, from a GTA-wide perspective.
The MLS® Home Price Index Composite Benchmark was up by 5.8 per cent on a year-over-year basis in October 2019 – the strongest annual rate of growth since December 2017. The average selling price for all home types combined was up by 5.5 per cent to $852,142, compared to $807,538 in October 2018.
"As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth. While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers," said Jason Mercer, TREB's Chief Market Analyst.
Toronto housing prices jump the most since 2017 — the year the market peaked
By Natalie Wong and Erik Hertzberg
Toronto’s housing market continued to bounce higher in October, with prices rising the most in almost two years amid dwindling supply. The benchmark price, which accounts for differences in the type of homes sold, rose 5.8 per cent from a year ago to $810,900, the Toronto Real Estate Board said in a report Tuesday. That’s the biggest jump since December 2017 and takes it to within about $4,300 of the record set in mid-2017.
Toronto Real Estate Prices Just Dramatically Increased But People Won`t Stop Buying Houses
By Patrick John Gilson
If a chill doesn’t fall down your spine the second you hear the words Toronto’s housing market, you either have a boatload of money or you like to live dangerously my friend. According to Bloomberg, Toronto’s housing prices peaked this month for the first time in almost two years despite a total lack of supply.
