In October sales were up 13.8% compared to last year with 8,491 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were stable with a 33.8% share of the market and 2,867 units being sold, an 8.1% increase from 2018.
The October average sale price for all GTA homes came in at $852,142 up 5.5% 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 October compared to historical numbers was lower by almost 19% compared to last year at this time.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and is probably keeping us from seeing a price appreciation slowdown 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 October that ratio finished at 55.2% - almost 16% above last year and the highest we’ve seen this year – indicating a continuing strong, steady market as we start to move towards the end of the fall market.
The days-on-market average for GTA / Toronto homes was 23 days, same as September.
Here’s a snapshot summary of the significant real estate milestones for Toronto in October 2019… the highest average sale price so far in 2019!!
- October sales up 13.8% compared to last year (8,491)
- The ratio of sales-to-listings jumped up to 55.2% in October
- The average sale price came in at $852,142– up a positive 5.5% compared to last year
- Note that this overall market average # is the highest we’ve seen all year
- The GTA real estate market overall averaged 23 days-on-market
- Detached home sales in October 2019 with a purchase price over $2,000,000 were up 5.4% (213 houses) while condo apartment sales over $2M were up 108% (25 suites)
- The CONDO share of the market was steady at 34% during the month
- Downtown condo active listing numbers were down 3.1% in C01 and increased in C08 by 4.3% from last year at this time
- October condo sales were up 2.5% in C01 and up in C08 by 14% compared to 2018
- The downtown condo days-on-market average was 18-19 days – 4-5 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was somewhat matched in C01 (77%) and in C08 (67.1%) but both were still much higher than in the overall market (55.2%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 4.9% to 5.7% year-over-year… consistent with what we’ve been seeing all this year.
- Sales numbers have now increased in many 905 neighbourhoods although appreciation percentages are lower across the board in the 905.
October is the mid-point of our fall market and we can typically expect sales numbers to slow as we go through November and close in on the Xmas holiday season.
Watch the video to get the complete October 2019 Market Report details.
Here's the complete text version of the October 2019 Toronto Real Estate Market Report to read.
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