The Toronto Real Estate Board President Michael Collins announced the Market Statistics reported by the Greater Toronto REALTORS®. According to the statistics, sales grew by 24.3% in July 2019 compared to July 2018 with 8,595 sales in the GTA according to TREB’s MLS® System.
There was an increase in new listings in July 2019 compared to July 2018, but at a lower annual rate than sales, at 3.7%. Market conditions continue to tighten, with the annual growth in sales exceeding that of new listings, with active listings down at the end of July by 9.1%.
Competition is fierce between buyers when it comes to higher density home types, such as semi-detached houses, townhouses, and condos due to their more attainable price points, which leads to a boost in price growth. However, detached home prices, which according to TREB have been hit the hardest by the OSFI stress test, are experiencing a slower pace of price growth. Many detached home prices are down throughout neighbourhoods and communities in the GTA.
Want more information on this month’s market statistics? Book a meeting with PSR’s Broker of Record, Kenneth Laroza, who can walk you through the statistics and help navigate today’s real estate market.
Statistics via TREB.
Interested in last month’s market statistics? Read our June 2019 Market Report here.
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