Toronto Real Estate Board announced that, Greater Toronto Area Sales increased by 14% compared to last year. Real estate board says there were 8,491 residential sales through TREB's MLS® System in October 2019, up from 7,448 sales reported in October 2018. GTA-wide, sales were up on a year-over-year basis for all major home types.
The activity helped buoy sale prices after more than a year of sluggish sales owing to stricter requirements for home loans in the federal government’s mortgage stress test, and to taxes on foreign buyers.
The trend of annual growth in sales versus annual decline in new listings continued in October 2019, with new listings down by 9.6 per cent 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.
TREB expects home prices to continue rising. “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," TREB’s chief market analyst, said in a statement accompanying the statistics.
Prices for every type of housing increased across Toronto and its suburbs. The average selling price of a detached house rose 3 per cent compared with the previous October, to $1,049,300. Semi-detached properties climbed 4 per cent to $852,669, townhouses increased 3 per cent to $676,802, and the average selling price of a condo soared 10 per cent to $617,419.
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.
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