Toronto and Etobicoke Real Estate Home Sales for July 2019
Looking for current information on Toronto and Etobicoke Real Estate Home Sales for July 2019? Here are the latest numbers for Home Sales in Toronto and Etobicoke.
GTA REALTORS® Release July 2019 Statistics
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment.
New listings entered into TREB’s MLS® System in July 2019 were up compared to July 2018, but by a much lesser annual rate than sales, at 3.7 per cent. 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 per cent year-over-year, further reflecting tightening market conditions.
As market conditions continued to tighten in July, the average selling price increased by 3.2 per cent on a year-over-year basis to $806,755. The MLS® Home Price Index Composite benchmark was up by 4.4 per cent. 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 houses, townhouses and condominium apartments. 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.
What does this all mean for you and how do you navigate the Toronto and Etobicoke real estate market if you are thinking about buying or selling?
If you would like up to the minute statistics based on all the homes for sale in your neighbourhood send me a quick email let me know which area you live in and type of home and I’ll send that off to you right away!
If you are looking to buy, just let me know your preferred price range, style of home, wants, needs and area and I’ll send you a list of the best homes that suit your criteria right now! This is the time to buy, not sit on the fence and wait to see what happens. Prices are increasing not going down, interest rates are good and so is unemployment. Our market is continuing to strengthen.
Part of my job as your Realtor® is to provide you with up to date local market statistics. This way, you are kept in the know about your home’s worth.