August 6, 2019 | Buying
The Toronto Real Estate Board announced a reported number of 8,595 sales in July 2019. This result demonstrated a significant increase of 24.3 per cent in sales compared to July 2018. Sales were up 5.1 per cent on a month-over-month basis, after the anticipated seasonal adjustment.
Tighter Conditions
Year-over-year, the number of new listings entered into TREB’s MLS System had increased compared to statistics from July 2018, but only by 3.7 per cent. The market conditions have tightened indefinitely as the annual growth in sales continues to outperform the annual growth in new listings. Active listings at the end of July were down by 9.1 per cent compared to the number of active listings in July 2018, which further reflects the tightening market conditions.
The average sale price has also increased due to tighter market conditions. The average selling price had risen by 3.2 per cent on a year-over-year basis to $806,755. The price growth continues to remain influenced by higher density homes, while detached home prices remained down in many communities throughout the GTA.
The Overall Picture
As a result, we’ve certainly witnessed the increased competition between home buyers for available homes on the market which has contributed to the steady price growth above the rate of inflation particularly for semi-detached homes, condominium apartments and townhomes. Although, the single-detached market has experienced a slower pace of price growth as they have arguably been most impacted by the OSFI stress test, with average detached prices still remaining slightly below last year’s numbers in some parts of the GTA.
While prices continue to rise, are you curious to know what your home might be worth? Contact Michael Maxwell Homes today and we can help you maximize the return on your investment while navigating you through these tighter conditions. Call us today!