October 4, 2019 | Buying
The Toronto Real Estate Board announced a reported 7,825 sales in September 2019 which represented a strong annual growth of 22 per cent compared to 2018. Although the sales still don’t surmount the sales reported in September 2016, the Toronto Real Estate Market is definitely heating up. As a result of the inevitable seasonal adjustment, the September 2019 sales mirrored those reported in August 2019 resulting in a strong entrance into the fall market.
It has been frequently discussed the supply and demand within the Toronto Real Estate Market have had a substantial impact on the market’s tighter conditions. The supply of listings in September 2019 continued to be a concern with new listings down by 1.9 per cent year-over-year. The Toronto Real Estate Market has experienced plenty of months in 2019 wherein the annual rate of sales growth has outperformed the annual rate of new listings, resulting in the overall number of active listings being well-below last year’s level by the end of the month.
The Overall Picture
The average sale price for all combined home types was up by an annual rate of 5.8 per cent. September holds the leading spot for the highest annual rate of price growth in 2019, while the HPI (Home Price Index) composite benchmark was up by 5.2 per cent on a year-over-year basis in September.
If you’re interested to better understand what the 2019 fall market has in store for you as a Buyer or a Seller, we’re here to help you navigate. Michael Maxwell Homes is here every step of the way to help you make the Real Estate Decision that’s right for you!