The Toronto Real Estate Board reported 8,595 sales in July 2019. This result was up by 24.3% compared to July 2018. On a month-over-month basis, sales were up by 5.1%, after preliminary seasonal adjustment.
New listings in July 2019 were up compared to July 2018, but by a much lesser annual rate than sales, at 3.7%. With annual growth in sales far outstripping annual growth in new listings, market conditions clearly tightened compared to last year. Active listings at the end of July were down by 9.1% year-over-year, further reflecting tightening market conditions.
As market conditions continued to tighten in July, the average selling price increased by 3.2% on a year-over-year basis to $806,755. The MLS® Home Price Index Composite benchmark was up by 4.4%. Higher density home types continued to drive price growth, whereas detached home prices remained down in many communities throughout the GTA.
Broadly speaking, increased competition between buyers for available properties has resulted in relatively strong price growth above the rate of inflation for semi-detached homes, townhomes, condos and lofts. However, the single-detached market segment, which has arguably been impacted most by the OSFI stress test, has experienced a slower pace of price growth, with average detached prices remaining lower than last year’s levels in some parts of the GTA.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at email@example.com
“Toronto’s Condo Authority”