November 6, 2019 | Buying
The Toronto Real Estate Board reported a total of 8,491 residential sales within the GTA in October 2019. Demonstrating a 14 per cent increase compared to the sales reported in October 2018. Year-over-year, sales were up in the GTA for all major home types.
Moreover, the trend of annual sales growth, due primarily to the decline in new listings available, have remained persistent compared to October of 2018. New listings continue to descend by 9.6 per cent overall year-over-year. Across all major market segments within the GTA, the constricted market conditions continue to demonstrate positive annual rates of price growth compared to this time last year.
Furthermore, the average sale price for all home types increased by 5.5 per cent to $852,142, compared to $807,538 reported in October 2018. The Home Price Index Composite Benchmark improved by 5.8 per cent year-over-year this October which proved the be the fiercest annual rate of growth since December 2017.
As a result, the market conditions within the GTA have gradually tightened during 2019 and we have continued to see an escalation in price growth at an annual rate. While the present pace of progression remains indifferent, it is likely we will witness some substantial price growth in the months to come if sales growth continues to dominate the growth of new listings. Overall resulting in additional competition between home buyers.
As the market continues to become more competitive due to these narrow conditions, it is important to have a strong negotiator on your side. The Michael Maxwell Homes Team can help guide you through these Toronto market conditions confidently. Contact us today and let us help you make the move that’s right for you!