Toronto Real Estate Board (TREB) reported that December 2019 residential
sales reported through TREB’s MLS® System by Greater Toronto Area
REALTORS® were up by 17.4 per cent year-over-year to 4,399. Total sales
for calendar year 2019 amounted to 87,825 – up by 12.6 per cent
compared to the decade low 78,015 sales reported in 2018. On an
annual basis, 2019 sales were in line with the median annual sales result for
the past decade.
TREB reported that there was a recovery in sales activity in 2019,
particularly in the second half of the year. As anticipated, many
home buyers who were initially on the sidelines moved back into
the market place starting in the spring, 2019. Buyer confidence was
buoyed by a strong regional economy and declining contract mortgage rates
over the course of the year. While sales were up in 2019, the number of new
listings entered into TREB’s MLS® System was down by 2.4 per cent
year-over-year. For the past decade, annual new listings have been
largely in a holding pattern between 150,000 and 160,000, despite
the upward trend in home prices over the same period.
“Over the last ten years, TREB has been drawing attention to the housing
supply issue in the GTA. Increasingly, policy makers, research groups of
varying scope and other interested parties have acknowledged that the lack
of a diverse supply of ownership and rental housing continues to hamper
housing affordability in the GTA. Taking 2019 as an example, we
experienced a strong sales increase up against a decline in supply.
Tighter market conditions translated into accelerating price
growth. Expect further acceleration in 2020 if there is no relief on the
supply front,” TREB stated.
The MLS® Home Price Index Composite Benchmark was up by 7.3 per cent
on a year-over-year basis in December 2019. From June 2019 onward, the
annual growth rate in the MLS® HPI Composite Benchmark accelerated.
The average selling price in December 2019 was $837,788 – up
almost 12 per cent year-over-year. For calendar year 2019, the
average selling price was $819,319 – up by four per cent compared to
$787,856 in 2018.
Source: Toronto Real Estate Board
===========================================================
Thinking to sell your house or Condo in Central Toronto areas and/or in downtown Toronto areas? Please visit http://www.TorontoHomesMax.com for a FREE Home Evaluation“ or please call, text or email Max Seal, Broker at 647-294-1177. NO obligation.
Thinking to buy a House or Condo in Central Toronto areas and/or in Downtown Toronto areas? please call or text Max Seal, Broker at 647-294-1177 to buy your dream home or Condo. I offer you a 30-min “FREE buyer’s consultation” with NO obligation.
Please visit my website http://www.centraltorontorealestate.com/ to find out available homes and Condos for sale in Central Toronto areas and/or in downtown Toronto areas.
This Toronto housing market may be a better time for “Move-up”, “Move-down” or “Empty-nester” Sellers and Buyers. Want a “Market Update” of your home in 2019? Please click the image below or call or text Max Seal, Broker at 647-294-1177 or send an email.
