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 Monthly Market Update – August 2019

 Toronto Real Estate announced that GTA 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%.

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 very low 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. The OSFI mortgage stress test continues to keep some would-be home buyers on the sidelines,” said Mr. Collins, the TREB President.Market conditions became tighter

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 GTA’s strong economy, cultural diversity and internationally recognized quality of life continues to attract newcomers to the region each year. This needs to continue for it to remain competitive on the global stage. However, our housing supply has not kept up with population growth, which has led to pent-up housing demand. The Province of Ontario, City of Toronto and other GTA municipalities have recognized that housing supply is a key issue and are working toward solutions. With the federal election less than two months away, all political parties should be making their housing policy stance clear as well,” said TREB CEO John DiMichele.

The average selling price, at $792,611 in August 2019, was up by 3.6% year-over-year. Both the MLS® HPI benchmark prices and average selling prices were up on an annual basis for major market segments.

 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.

This year’s market through August has been characterized by receding listings and increasing sales relative to 2018. Competition between buyers has increased, which has led to stronger annual rates of price growth, most notably during this past spring and summer. Right now, the overall pace of price growth is moderate. However, if demand for ownership housing continues to increase relative to the supply of listings, the annual rate of price growth will accelerate further. This underpins the importance of solving this region’s housing supply issues, which will go a long way to insuring a sustainable pace of price growth over the long term,” said Jason Mercer, TREB’s Chief Market Analyst (Courtesy of TREB)

If you'd like more information, or if you have a question that's not covered here, please ask me  — I'll be happy to help.



Monthly Market Update - September 2019
Monthly Market Update - August 2019
Monthly Market Update - July 2019
Monthly Market Update - June 2019
Monthly Market Update - May 2019
Monthly Market Update - April 2019
Monthly Market Update - March 2019
Monthly Market Update - February 2019
Monthly Market Update - January 2019.
Monthly Market Update - December 2018
Monthly Market Update - November 2018
Monthly Market Update - October 2018
Monthly Market Update - September 2018
Monthly Market Update - August 2018
Monthly Market Update - July 2018
Monthly Market Update - June 2018
Monthly Market Update - May 2018
Monthly Market Update - April 2018
Monthly Market Update - March 2018
Monthly Market Update - February 2018
Monthly Market Update - January 2018
Monthly Market Update - December 2017
Monthly Market Update - November 2017
Monthly Market Update - October 2017
Monthly Market Update - September 2017
Monthly Market Update - August 2017
Monthly Market Update - July 2017
Monthly Market Update - May 2017
Monthly Market Update - April 2017
Monthly Market Update - March 2017
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