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Market Recovery Remains Gradual in September

The 12-month rolling sales total shows that the recovery in sales activity has been gradual. At 79,302 homes, the annual rate of sales has increased by only 2.4% since reaching its bottom in May 2018. Activity remained 31% below its peak of 115, 620 sales in April 2017 and also 12%below the 10-year average rate of 90,564 sales. In fact, the last time annual sales were below 80,000 homes was during the economic recession period in 2009. Against the backdrop of a strong local economy and fast-growing population, pent-up demand for housing purchases is accumulating in the GTA as the market rebalances following the excessive growth last year and new mortgage rules this year.


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