By: Gary Singh

GTA Real Estate Market Update September 2019

Tags: HOMES FOR SALE, TORONTO, MISSISSAUGA, MILTON, BRAMPTON, OAKVILLE, VAUGHAN, GTA

The Resale Real Estate Statistics for the Month of August 2019 are in and Here are the Key Facts

- 7,711 sales reported through Toronto Real Estate Board’s MLS system (up 13.4% from August 2018).

- Average selling price of all home types was up 3.6% year over year.

- Only 2.06 months of standing inventory.

Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.


Toronto Statistics - Year over Year Average price change

Detached Home

+ 0.17%

Semi Detached

          + 7.32%

Townhouse

+ 4.39%

Condo Towns

+ 2.00%

Condo Apartment

 + 5.80%


Mississauga Statistics – Year over Year Average Price change

Detached Home

          + 4.48%

Semi Detached

          + 5.23%

Townhouse

          + 3.65%

Condo Towns

          + 7.26%

Condo Apartment

  + 14.40%

 

Brampton Statistics - Year over Year Average Price change

Detached Home

           + 3.68%

Semi Detached

           +  5.98%

Townhouse

           + 4.36%

Condo Towns

           + 2.45%

Condo Apartment

           + 14.90%

 

Milton Statistics - Year over Year Average Price change

Detached Home

       - 0.16%

Semi Detached

            + 8.03%

Townhouse

            + 3.17%

Condo Towns

            + 9.59%

Condo Apartment

            + 9.56%

 

Vaughan Statistics - Year over Year Average Price change

Detached Home

       + 2.27%

Semi Detached

   + 3.73%

Townhouse

             - 0.44%

Condo Towns

             + 10.05%

Condo Apartment

     + 1.56%


The sales volume for the GTA Market was up 13.4% compared to August 2018.  The annual growth rate for new listings was much lower than that reported for sales. This suggests that market conditions have continued to tighten with back to back months of gain in sales numbers.

Condo apartments led the price gains last month, coming in at 6.1% year over year increase.  The average price of all home types is up by 5.92% compared to January 2019 and the average price of a Detached home is up 3.98% compared to January 2019.   

Inventory levels are at 2.06 months of inventory, which is very low and can lead to further price increases.

Homes are selling in an average of 25 days, as compared to 27 days reported in August 2018.

We have been dealing with a balanced market across the GTA as motivated buyers have started to realize that the market is healthy, and the prices are moving up.  Interest rate for a 5-year fixed mortgage is around 2.49%, which is about 60 basis points lower than what was available at the beginning of the year

If you are a Buyer, and you have a 5 Year Fixed Mortgage Rate guarantee from your mortgage lender, it might be a good time to buy your dream home before the prices start going up due the low levels of inventory. 

If you are looking to sell, the demand is there.  The key is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.