fbpx

The PSR Market Report | December 2019

Toronto Real Estate Market Stats December 2019

The PSR Market Report for December 2019 is out. Review the latest statistics for Toronto real estate below! 

for Toronto Real Estate Board President Michael Collins reported that December 2019 residential sales reported through TREB’s MLS® System by Greater Toronto Area REALTORS® were up by 17.4 per cent year-over-year to 4,399. Total sales for calendar year 2019 amounted to 87,825 – up by 12.6 per cent compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade.

“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the marketplace starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said Mr. Collins.

While sales were up in 2019, the number of new listings entered into TREB’s MLS® System was down by 2.4 per cent year-over-year. For the past decade, annual new listings have been largely in a holding pattern between 150,000 and 160,000, despite the upward trend in home prices over the same period.

“Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said Jason Mercer, TREB’s Chief Market Analyst.

The MLS® Home Price Index Composite Benchmark was up by 7.3 per cent on a year-over-year basis in December 2019. From June 2019 onward, the annual growth rate in the MLS® HPI Composite Benchmark accelerated. The average selling price in December 2019 was $837,788 – up almost 12 per cent year-over-year. For calendar year 2019, the average selling price was $819,319 – up by four per cent compared to $787,856 in 2018.

TL;DR

  • 2019 saw a recovery of total sales from a decade low in 2018.
  • Sales were up 17.4% year over year in December 2019.
  • 2010’s saw a trend of increased sales and stagnant or decreasing supply, contributing to the consistent year-over-year increases.
  • Despite TREB drawing attention to lack of supply, the increase in price is expected to continue as there seems to be no relief in sight to the low inventory.

Interested in last month’s PSR Market Report? Read our November 2019 PSR Market Report here.

Statistics via TREB.

Follow us on social:

Facebook

Twitter

Instagram 

LinkedIn 

Share this information with your peers if you found it helpful! Download the HQ images for the PSR Market Report December 2019 from PSR’s Creative Hub here.

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