FANTASTIC NEWS! June market stats are out!!
The Greater Toronto Area REALTORS reported 8,860 sales through TREB's MLS System in June 2019
representing a 10.4 % increase compared to June 2018.
Total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7 per cent.
Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June
Sales were up by 8.5 %, while new listings were up by less than 1 %
Competition between buyers increased, resulting in renewed price growth in many segments of the market.
CITY OF MISSISSAUGA
The Greater Toronto Area continues to grow, in terms of employment, population and overall diversity.
Over the next year, as demand for ownership and rental housing continues to grow,
the hope is that we will see more movement from policy makers on two fronts:
alleviating the constrained supply of housing
providing more flexibility around demand-side policies
The overall average selling price in June 2019 was $832,703 – up by 3% compared to the average of $808,066 in June 2018
Price growth was driven by the higher density market segments, including semi-detached houses, townhouses and condominium apartments
The MLS Home Price Index Composite Benchmark was up by a similar annual rate of 3.6 %
Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price growth throughout the second quarter.
However, because we saw virtually no change in the number of new listings,
market conditions tightened and price growth picked up,
especially for more higher density home types, which, on average, are less-expensive than traditional detached houses
and therefore provide more affordable housing options under the new OSFI stress test regime
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