October Market Watch 2019
This has been very busy fall with the volume of sales up over 14% and the inventory of available properties for sale down over 18% during October.
With low-interest rates, more people moving into the Great Toronto Area
and fewer people selling, prices have begun to appreciate at a greater pace up 5.5% for the month.
Months of inventory has now dipped below two months
without the Toronto Real Estate Board taking on one more listing we would be sold out of homes and condos in less than two months.
New condominium construction continues to be in strong demand with many developers launching projects across the city throughout these past couple months.
Please contact me should you have any questions on how to invest in such projects.
Image – 1 (market update)
The trend of annual growth in sales versus annual decline in new listings continued in October 2019,
with new listings down by 9.6 % compared to October 2018.
The resulting tighter market conditions compared to a year ago resulted in positive annual rates of price growth across all major market segments, from a GTA-wide perspective.
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,491 residential sales
through TREB’s MLS® System in October 2019.
This result represented a 14 % increase compared to 7,448 sales reported in October 2018.
GTA-wide, sales were up on a year-over-year basis for all major home types.
CITY OF MISSISSAUGA
Some interesting numbers to share from communities around the GTA,
Mississauga's sales volume was up over 20% over last October and prices are up over 17%.
Inventory numbers of homes available are down putting the months of inventory number at just over one month.
Mississauga is a busy market and one of the major reasons behind that is affordability.
As prices become out of reach in the central Toronto core buyers are looking to purchase in more affordable neighboring communities.
The resale condo market continues to grow with prices appreciating up over 9% for the month of October.
Resale condos continue to be attractive to purchasers due to their price point and ease of entry into the real estate market.
Detached homes across the GTA are now averaging over $1,000,000 during the month of October
The MLS Home Price Index Composite Benchmark was up by 5.8% on a year-over-year basis in October 2019
the strongest annual rate of growth since December 2017.
The average selling price for all home types combined was up by 5.5% to $852,142, compared to $807,538 in October 2018.
As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth.
While the current pace of price growth remains moderate,
we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth,
leading to more competition between home buyers