Toronto’s real estate market is improving every month and the results are clearly visible in the results for September, 2019, as outlined by the Toronto Real Estate Board (TREB). TREB has clearly indicated growth in sales and average home prices alike for last month and this increase follows a revival of overall inventory and sales volumes.
Market activity in Toronto is steadily inching back to regular and positive levels of the past and that is a welcome sign as far as industry players are concerned.
Marked increase in Toronto real estate prices
Driven by rising demand and sales figures, prices of homes went up by 5.23% (year-on-year) in Greater Toronto to touch $805,000 as an average. The benchmark pricing touched $890,000 for the City of Toronto which indicates growth of 5.74% in the same duration. A large chunk of this growth has been driven by investor/buyer activity in the apartment/condo segment as per reports.
Growth in prices is taking place at a much improved rate and prices are inching closer towards the all-time high levels. Prices have now grown consistently in Toronto for the last 4 months as per studies. The 5.23% increase (year-on-year) is also the highest annual growth figure since the month of January last year. Median sale prices touched $720,000 in Greater Toronto for September which is higher by 5.88% as compared to September 2018. Median sale prices reached $738,000 for the City of Toronto, higher by 6.95% on a year-on-year basis.
This also indicates that more than 50% of housing units sold under TREB’s jurisdiction went for at least 10-11% below the usual pricing threshold. More than 50% of housing units in the City of Toronto were sold for a whopping 16-17% lower than the usual price levels. As a result, bargains are clearly being driven by buyers for prime properties in the Greater Toronto Area (GTA). Average sale prices touched $843,115 last month, indicating growth of 5.81% from September 2018. The average for the City of Toronto touched $913,096 which indicates growth of 5.64% as compared to September 2018.
Sales figures keep increasing steadily in Toronto
Sales figures for Greater Toronto increased by a whopping 21.22% (year-on-year) with 7,825 units in sales reported by TREB. The City of Toronto accounted for 2,995 units out of this sales tally, indicating growth of 21.35% as compared to the same period in 2018. The overall sales volumes are still lower than the 5-year average volumes for the month of September but only by 1.91%. This clearly shows that the market is about to hit normal levels once again.
15,611 new listings were confirmed by TREB for September, 2019 which is lower by 1.94% as compared to September, 2018. The City of Toronto accounted for 5,810 listings out of this figure, indicating growth of 6.48% (year-on-year). Inventory levels are much more balanced now with higher sales figures and a reduction in overall listing levels. Active listings touched 17,254 units in August, 2019 which indicates de-growth of 14.11% from August, 2018, thereby hinting at higher sales figures.
Real estate in Greater Toronto is steadily on the upswing and inventory levels are coming back to normal with higher sales volumes. Price growth is also swift which is another major incentive for investors and end-users alike. After a short slump in the past, Toronto’s real estate market is settling into overdrive and could make up for lost time even sooner than expected.