Tuesday, August 6, 2019
GTA REALTORS® Release July 2019 Stats
August 6, 2019 -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,595 sales through TREB's MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment.
New listings entered into
TREB's MLS® System in July 2019 were up compared to July 2018, but by a much
lesser annual rate than sales, at 3.7 per cent. With annual growth in sales far
outstripping annual growth in new listings, market conditions clearly tightened
compared to last year. Active listings at the end of July were down by 9.1 per
cent year-over-year, further reflecting tightening market conditions.
As market conditions continued
to tighten in July, the average selling price increased by 3.2 per cent on a
year-over-year basis to $806,755. The MLS® Home Price Index Composite benchmark
was up by 4.4 per cent. Higher density home types continued to drive price
growth, whereas detached home prices remained down in many communities
throughout the GTA.
Broadly speaking, increased
competition between buyers for available properties has resulted in relatively
strong price growth above the rate of inflation for semi-detached houses,
townhouses and condominium apartments. However, the single-detached market
segment, which has arguably been impacted most by the OSFI stress test, has
experienced a slower pace of price growth, with average detached prices
remaining lower than last year's levels in some parts of the GTA.
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