G.T.A. Home Sales Jump 13.4% And Prices Climb 3.6% As Demand Outstrips Supply And Competition Between Buyers Heats Up!
The Toronto Real Estate Board reported 7,711 residential homes sold across the G.T.A. in August, up 13.4% compared to last year, with all market segments participating, and strong double-digit sales growth across the detached, semi-detached and townhome market segments.
“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 three per cent 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 per cent compared to August 2018,” says TREB in their latest market release.
The average selling price for all home types across the G.T.A. rose 3.6% year over year in August 2019 to an average selling price of $792,611, led by the condominium apartment segment.
In the 416 Region, home sales growth was sporadic across market segments, led by townhomes in the higher density segment of the market, up 17.0% and detached homes in the low-rise segment of the market, up 8.8% year over year. Condominium sales followed significantly behind, up 2.2% over last year while semi-detached homes finished the month down -1.6%.
Price appreciation in the 416 Region continued to be driven by the higher density market segments. Semi-detached homes experienced the strongest price growth, up 7.3% to an average selling price of $956,411. Condominiums rose 5.7% to an average selling price of $619,307 and townhomes were up 4.1% to an average selling price of $712,934. Detached homes finished the month up 0.3% to an average selling price of $1,246,392.
In the 905 Regions, all market segments recorded significantly higher sales in August. Detached homes sales surged 24.5%. Semi-detached homes rose 18.5%%. Townhomes were up 12.9% and condominiums ended the month up 8.2% over last year.
Price appreciation in the 905 Regions was evident across all market segments. Detached homed rose 1.3% to an average price of $918,242. Semi-detached homes rose 3.3% to an average price of $690,305. Townhomes were up 1.7% to an average selling price of $620,927 and condominiums rose 8.5% to an average selling price of $478,755.
To sum it all up, home sales growth in the 905 regions remains strong and continues to push higher as buyers look to the suburbs for more affordable options. New listings continue to be outstripped by robust sales demand. Housing supply remains low and market conditions continue to tighten. Pent up buyer demand and competition between buyers for available listings continues to grow, driving home prices higher. Market share in the low-rise segments of the market in the 905 Regions continues to strengthen year over year. Detached and semi-detached homes represented 66.9% of the total homes sold in the 905 Regions in August 2019, up from 64.4% a year ago.
If you’re looking to generate top dollar for your home in today’s market, now would be the time to list. Market conditions are very much in your favour!
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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