Here is the PSR Market Report | November 2019, a quick resale housing analysis with key stats for Toronto & the GTA.
In November 2019, there were 7,090 sales reported through TREB’s MLS® System, resulting a 14.2% increase compared to November 2018. In the GTA, sales were up year-over-year for all major market segments. There may be no surprise here that detached homes led the way!
Active listings 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.
Market conditions continued to tighten with increased sales facing a limited supply of listings, leading to an acceleration in the annual rate of price growth. The average selling price increased by 7.1% year-over-year to $843,637. 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.
Interested in last month’s PSR Market Report? Read our October 2019 PSR Market Report here.
Statistics via TREB.
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Questions? Email PSR’s Brokerage of Record, Kenneth Laroza, here.