Market Watch: July 2019

Market Watch: July 2019

Market News

Market Watch: July 2019

Posted on August 8, 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.

Work With Us

Book your free, no obligation, consultation today with one of our expert team members.

Get In Touch
© 2019 SKT. All Rights Reserved.
All statistics calculated using data available through REality™.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.
Subscribe to Our Newsletter
Thank you for subscribing!
Would you like to receive information from us on exclusive listings, market updates and more? Join our mailing list!
{{ xhrError }}
No thanks
By subscribing to our newsletter, you agree to receive relevant periodic communications from The Sabrina Kaufman Team. You may unsubscribe at any time.
Sabrina Kaufman Real Estate Team Toronto

Get In Touch

Thank you for your inquiry!
We'll get back to you soon.
You have subscribed.
Would you also like to subscribe to our newsletter?
Yes, Subscribe
By subscribing to our newsletter, you agree to receive relevant periodic communications from The Sabrina Kaufman Team. You may unsubscribe at any time.
Your message will be delivered to
{{ contactPayload.agent }}
Send us a message and one of our team members will get back to you shortly.
{{ xhrError }}

Address

435 Eglinton Ave West
Toronto, ON, M5N1A4

Phone Number

Social Media