September 6, 2019 | Buying

After preliminary seasonal adjustment, The Toronto Real Estate Board announced a reported 7,711 residential sales in August 2019. As a result, a 13.4 per cent increase was seen in comparison to the 6,797 sales reported in August 2018. The average selling price was up by 3.6 per cent year-over-year at $792,611 in August 2019.

The Rebound
Sales in the GTA have risen on a year-over-year basis, annual rates of sales growth prove strongest for low-rise home types including detached homes. This suggests the demand for more expensive home types was incredibly low in 2018 but has rebounded moderately in 2019. The condominium apartment segment of the real estate market continued to lead the way in terms of price growth.

The Overall Picture
Compared to a year ago, market conditions continued to tighten in August 2019 primarily due to new listings decreasing by 3 per cent and growth in sales well surpassed growth in new listings. Overall, compared to August 2018, active listings reported at the end of August 2019 were down by more than 11 per cent year-over-year.

If you’re in search for guidance on how to properly navigate the 2019 fall market, The Michael Maxwell Homes Team welcomes the opportunity to offer support and help you make the real estate decision that’s best for you!