Toronto Real Estate Board November 2019 Market Summary
The Greater Toronto Area (GTA) market values continue to benefit investors, demonstrated by the strong rise in values from the same time last year. The Toronto Real Estate Board (TREB) is a committee that serves the over 50,000 realtors of the Greater Toronto Area (GTA), assisting them in understanding where the market was, where it is and where it’s projected to head. This information is pulled from their Multiple Listing Service (MLS) which collects all the data of property sales.
According to TREB president Michael Collins, the increases in sales is due (in part) to the growing comfort of policies (including Ontario Fair Housing Plan and the mortgage stress test) which had caused initial hesitation a number of years ago. Collins also states that many are buying property types or in areas that better suit their financial situations, as the desire to buy property in Toronto remains strong. Jason Mercer, TREB’s Chief Market Analyst, notes that an increase in purchases have been due in large part to decreased mortgage rates, which accounts for more competition and a further increase in market prices.
We continue to see an increase in sales year-over-year in all types of properties, due to our ever increasing population, thus driving sales prices higher. The average days on market were 24 for this month, while November 2018 was 27.
New and active listings saw fairly significant decreases due to the rising demand of the city and its surrounding areas. New listings were down 17.9% from the same time last year, from 10,538 to 8,650. Active listings dropped a heavy 27.2%, from 16,420 to 11,958.
Detached homes were the most purchased property for this month, strongly leading the charge with 3,263 sold. Semi-detached homes sales reached 669, townhouses were 1,173 and condo apartments were 1,902. Through the MLS we’ve seen 7,090 properties sold for November of 2019, which is a 14.2% increase over last November’s 6,206.
The average price has increased 7.1% over the same time last year, from $787,349 to $843,637. Detached homes went up 3.5% from $1,008,768 to $1,044,138. Semi-detached homes grew 5.7% from $791.760 to $837,573. Townhouses improved 3% from $647,418 to $666,744. Condo apartments increased by 11.1% from $556,723 to $617,658.
We keep seeing prices increase year-over-year and month-to-month. The statistics prove that this trend will continue due to population increases, current policies and a steady decrease in unemployment. The City of Toronto and surrounding markets continue to benefit long-term and newer investors.