September G.T.A. Housing Market Sets The Stage For A Strong Fall Season!
The Toronto Real Estate Board reported 7,825 residential homes sold in September, up 22.0% compared to last year, with strong double-digit sales growth across all market segments. The average selling price for all home types across the G.T.A. rose 5.8% year over year in September to an average selling price of $843,115.
“The supply of listings continued to be a concern in September 2019, with new listings down by 1.9 per cent year-over-year to 15,611. We have experienced multiple months this year wherein the annual rate of sales growth outpaced the annual rate of new listings growth, resulting in the overall number of active listings at month-end being well-below last year’s levels. This speaks to tightening market conditions and an accelerating annual rate of price growth,” says the Toronto Real Estate Board in their latest market release.
Demand for detached homes continued to strengthen across the G.T.A. in September, leading the market in terms of sales growth. Combined sales growth for the 905 Regions and the 416 Region rose 28.9%, while prices climbed 4.1% to an average selling price of $1,050,421.
In the 416 Region, home sales growth was strong across all market segments, led by detached homes in the low-rise segment of the market, up 37.9% and townhomes in the higher density segment of the market, up 33.2% year over year. Condominium sales followed significantly behind, up 13.5% over last year while semi-detached homes finished the month up 12.3%.
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 7.0% to an average selling price of $1,069,119. Townhomes rose 5.7% to an average selling price of $785,890 and condominiums were up 3.3% to an average selling price of $636,817. Detached homes finished the month up 1.2% to an average selling price of $1,360,623.
In the 905 Regions, all market segments experienced strong double-digit sales growth in September, led by the detached home segment. Detached homes sales surged 26.1%. Semi-detached homes rose 16.9%. Townhomes were up 18.3% and condominiums showed exceptional strength, up 22.2% over last year.
Price appreciation in the 905 Regions was evident across all market segments. Detached homed rose 4.5% to an average price of $946,256. Semi-detached homes rose 4.2% to an average price of $689,950. Townhomes were up 6.5% to an average selling price of $639,945 and condominiums rose 9.2% to an average selling price of $497,403.
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 – September 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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