Sales were down 2.4% for February compared to last year with 5,025 houses and condominiums changing hands in all the districts. This was the lowest number of sales for the month since 2009 and the 2nd lowest since 2001, 18 years ago.
Condo townhouse and high-rise suites took a significant 37.3% share of the market with 1,876 units being sold.
The February average sale price for all GTA homes came in at $780,397– this was a very modest 1.6% increase from one year ago.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The inventory average for the month of February compared to historical numbers increased by 3.3% but were flat compared to last year at this time.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices in some GTA locations.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In February, that ratio finished at 37.8% - slightly below last year. The GTA overall is barely into seller market territory so sellers may need to adjust their pricing expectations if they want to make a move.
The days-on-market average for GTA / Toronto homes was 25 days, 8 days faster than January.
- 2nd lowest number of February sales since 2001 (5,025), 18 years ago
- The ratio of sales-to-listings was 37.8% in February – This is just barely into seller market territory
- The average sale price came in at $780,397 – which was up just 1.6% compared to February 2018 – TREB is petitioning to the government to relax the mortgage ‘stress-test’ financing rules from one year ago which have seriously impacted our market
- Note that this overall market average was 11% lower than 2 years ago in February 2017
- Overall sales in the month were down 2.4% from one year ago
- The GTA real estate market overall averaged the days-on-market at 25 – the same as last year
- Detached home sales in February 2019 with a purchase price over $2,000,000 (101) were down 9% from last year (110)
- Affordability considerations are now shifting the market more to a condominium lifestyle – CONDO sales took a 37.3% share of the total market
- Downtown condo active listing numbers were flat in C01 and up in C08 by 34.5% from last year at this time
- February sales were down 15.2% in C01 and higher by 13.6% in C08 compared to 2018
- The downtown condo days-on-market average was 19-20 days – 5 days faster than the overall market
- The ratio of sales-to-listings for condos downtown were closely matched in C01 (59.2%) and in C08 (58.8%) due to the increased listing inventory in C08 but still higher than in the overall market.
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 5.4 to 7.6% year-over-year… slower than at any time in 2018
- Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – all York Region communities are continuing to show that they’re in serious ‘buyer market’ territory
Watch the video to get the complete February 2019 Market Report details.
Here's the complete text version of the February 2019 Toronto Real Estate Market Report to read.
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