Toronto and Etobicoke Real Estate Home Sales for November 2019
Looking for current information for Toronto and Etobicoke Real Estate? Here is your monthly update for Home Sales for November 2019.
GTA REALTORS® Release November 2019 Statistics
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,090 sales through TREB’s MLS® System in November 2019 – a 14.2% increase compared to November 2018. On a GTA-wide basis, sales were up year-over-year for all major market segments. Annual sales growth in ground oriented home types, including detached houses, led the way.
New listings entered into TREB’s MLS® System in November and the active listings count at the end of the month went in the opposite direction compared to last year, with new listings down 17.9% year-over-year and active listings down 27.2%.
“An increasing number of home buyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test, have moved back into the market for ownership housing. Based on affordability and stricter mortgage qualification standards, many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase,” said Mr. Collins.
As market conditions continued to tighten in November 2019, with increased sales up against an increasingly constrained supply of listings, the annual rate of price growth continued to accelerate. The MLS® Home Price Index Composite Benchmark increased by 6.8% year-over-year. The average selling price increased by 7.1% year-over-year to $843,637. Both the MLS® HPI and the average selling price for the TREB market area as a whole experienced the strongest annual rates of price growth for the year in November.
“Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said Jason Mercer, TREB’s Chief Market Analyst.
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.
It’s important for me as a Realtor® to provide you with up to date local market statistics. This way, you are kept in the know about your home’s worth.