Here is our June 2019 Market Report, a quick resale housing analysis with key stats for Toronto & the GTA. Sales grew by 10.4% in June 2019 compared to June 2018 with 8,860 sales in the GTA according to TREB’s MLS® System.
With an overall selling price of $832,703 in the GTA, this is up by 3% compared to $808,066 in June 2018. New listings were relatively unchanged, which led to tighter market conditions and a higher demand for traditionally less-expensive, higher density home types including semi-detached houses, townhouses and condos, resulting in an increase in price growth.
In Toronto, the average days on market is sitting at 18, with the average sold price of a fully detached home at $1,332,639, average sold price of semi-detached at $1,055,423 and average sold price of a condo sits at $636,606.
TREB’s new president, Michael Collins, is calling for more flexible policies and an alleviation of constrained supply of housing to accommodate increasing population in the GTA.
“As I start my term as President of the Toronto Real Estate Board, I am proud to say that the Greater Toronto Area continues to grow, in terms of employment, population and overall diversity. As people are attracted to our region from all around the world, they obviously need a place to live. Over the next year, as demand for ownership and rental housing continues to grow, my hope is that we will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI two percentage point mortgage stress test and allowable amortization periods on insured mortgages,” said Mr. Collins.
Questions about how to navigate the real estate market in Toronto and the GTA? Our agents are experts in this space and can guide you every step of the way.
Statistics via TREB.