August Market Watch 2019
It has been a busy summer for Residential Real Estate, with interest rates creeping down, more buyers have entered the market driving the number of sales up over the summer, over 12% to be more specific.
This number is down just over 11%, putting the months of inventory at around two months.
With this steady demand for homes and condos, prices continue to appreciate at a healthy 3% for the year.
The condominium market continues to be active with prices up 6.2% over the same period last year.
Sales volume also up over 3% as the condo market continues to be a more affordable way to enter the market for many first time buyers.
If you are considering investing in real estate and looking at the New Condominium market, many developers will be launching their projects this fall before the year wraps up.
GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses.
This reflects the fact that demand for more expensive home types was deficient in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017.
CITY OF MISSISSAUGA
Market conditions also became tighter in August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by 3% over the same time period to 11,789.
Year-to-date, growth in sales has well-outstripped growth in new listings.
This is why overall active listings counted at the end of August were down by more than 11% compared to August 2018.
The MLS Home Price Index Composite Benchmark for August 2019 was up by 4.9% on a year-over-year basis.
The average selling price, at $792,611 in August 2019, was up by 3.6% year-over-year.
The condominium apartment segment continued to lead the way in terms of price growth,
followed by higher density low-rise home types and finally detached houses.
Greater Toronto Area REALTORS reported 7,711 residential sales through TREB's MLS System in August 2019.
This result represented a 13.4 % increase compared to 6,797 sales reported in August 2018.
On a month over- month basis, after preliminary seasonal adjustment, sales were up by 0.8 %.
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