October G.T.A. Home Sales Soar 14.0%; Prices Rise 5.5% As Market Conditions Continue To Tighten!
The Toronto Real Estate Board reported 8,491 residential sales through TREB’s MLS® System in October 2019. a 14% increase compared to October 2018. Across the G.T.A., all major home types participated with detached homes and townhomes leading the way. Detached home sales surged 19.6%; townhomes soared 21.3% while semi-detached homes and condominiums were up 5.9% and 5.1% respectively.
“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”, says the Toronto Real Estate Board in their latest market release.
Across the G.T.A., the average selling price for all home types combined was up by 5.5% to $852,142, compared to $807,538 in October 2018. Detached homes were up 3.0% to an average selling price of $1,049,300; semi-detached homes rose 4.2% to an average selling price of $852,669; townhomes rose 3.1% to an average selling price of $676,802 and condominiums finished the month up 9.6% to an average selling price of $617,419.
In the 416 Region, home sales growth was led by detached homes in the low-rise segment of the market, up 18.3% and townhomes in the higher density segment of the market, up 25.5% year over year. Condominium sales followed significantly behind, up 4.4% over last year while semi-detached homes finished the month down -2.7%.
Price appreciation in the 416 Region continued to be driven by the higher density market segments. Condominiums experienced the strongest price growth, up 9.6% to an average selling price of $662,631.
Semi-detached homes rose 7.1% to an average selling price of $1.099,802 and townhomes were up 3.5% to an average selling price of $795,115. Detached homes finished the month up 1.1% to an average selling price of $1,323,015.
In the 905 Regions, sales growth in October was driven by strong double-digit gains in the detached home and townhome segments. Detached homes sales surged 20.1%. Townhomes sales rose 20.0%. Semi-detached homes were up 12.4% and condominiums finished the month up 6.6% over last year.
Price appreciation in the 905 Regions was evident across all market segments. Detached homes rose 4.2% to an average price of $952,574. Semi-detached homes rose 4.7% to an average price of $690,599. Townhomes were up 2.7% to an average selling price of $638.672 and condominiums rose 10.0% to an average selling price of $506,846.
If you’re looking to generate top dollar for your home in a buyer-competitive market, now would be the time to list. Home sales growth continues strong. Housing supply available for sale remains low. New listings are being outstripped by robust sales demand. Market conditions continue to tighten and buyer demand and competition between buyers for available listings continues to heat up, driving home prices higher.
For a more detailed view of the market, visit my microsite at www.daviddodic.info . Here, you can drill down into the four key market segments: detached houses, semi-detached houses, townhomes and condominiums to view volume and average price data for each of these segments over the past five years. You can also check out the TREB Market Watch – October 2019 Video to get the latest insights from the Toronto Real Estate Board. Hope you enjoy our site!
Success in today’s real estate market is all about timing, pricing, strategy and preparation. If buying, selling or investing in a home is in your plans, reach out to us directly any time at 416-606-2158 or send a text/email to david@dodicteam.com. We’ll guide you through the entire process and act as your advisor, consultant and negotiator every step of the way. Give us a call today! We look forward to working with you!
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