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The PSR Market Report | October 2019

PSR Market Report October 2019

❗️Here is the PSR October 2019 Market Report, a quick resale housing analysis with key stats for Toronto & the GTA.

Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,491 residential sales through TREB’s MLS® System in October 2019. This result represented a 14% increase compared to 7,448 sales reported in October 2018. 

GTA-wide, sales were up on a year-over-year basis for all major home types. “A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home. The problem is that the supply of available listings is actually dropping, resulting in tighter market conditions and accelerating price growth,” said Mr. Collins. 

The trend of annual growth in sales versus annual decline in new listings continued in October 2019, with new listings down by 9.6% compared to October 2018. The resulting tighter market conditions compared to a year ago resulted in positive annual rates of price growth across all major market segments, from a GTA-wide perspective.

The average selling price for all home types combined was up by 5.5% to $852,142, compared to $807,538 in October 2018. “As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth. While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers,” said Jason Mercer, TREB’s Chief Market Analyst.

Statistics via TREB.

Interested in last month’s market statistics? Read our September 2019 PSR Market Report here.

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Questions? Email PSR’s Brokerage of Record, Kenneth Laroza, here.