Sales were FLAT for March compared to last year with 7,187 houses and condominiums changing hands in all the districts. This was tied for the lowest number of sales since 2009 for the month with March 2018.
Condo townhouse and high-rise suites took a typical 35% share of the market with 2,516 units being sold.
The March average sale price for all GTA homes came in at $788,335– almost identical (+0.5%) with 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 March compared to historical numbers were basically 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 March, that ratio finished at 46.1% - just barely above last year. The GTA overall has moved slightly into moderate 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 21 days, 4 days faster than February.
Here’s a snapshot summary of the significant real estate milestones for Toronto in March 2019… lots of stats are FLAT compared to 2018.
- Tied for the lowest number of March sales since 2009 (7,187), 10 years ago
- The ratio of sales-to-listings was 46.1% in March – This is just moving slightly into seller market territory
- The average sale price came in at $788,335– basically flat compared to last year (up a mere 0.5%)
- Note that this overall market average was 14% lower than 2 years ago in March 2017
- Overall sales in the month were FLAT compared to one year ago
- The GTA real estate market overall averaged the days-on-market at 21 – one day slower than last year
- Detached home sales in March 2019 with a purchase price over $2,000,000 were exactly the same as last year - FLAT
- Affordability considerations are now shifting the market more to a condominium lifestyle – CONDO sales took a 35% share of the total market
- Downtown condo active listing numbers were up by 16% in C01 and up in C08 by 41% from last year at this time
- March sales were down 24% in C01 and lower by 14.6% in C08 compared to 2018
- The downtown condo days-on-market average was 15-16 days – 5 days faster than the overall market
- The ratio of sales-to-listings for condos downtown were closely matched in C01 (64.4%) and in C08 (75.2%) 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 3.2 to 5.7% 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 March 2019 Market Report details.
Here's the complete text version of the March 2019 Toronto Real Estate Market Report to read.
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