Our Fall market delivered improved appreciation

By: Thomas Cook

Our Fall market delivered improved appreciation

In September sales were up 22% compared to last year with 7,825 houses and condominiums changing hands in all the districts.
 
Condo townhouse and high-rise suite sales were stable with a 34% share of the market and 2,661 units being sold which is a 16% increase from 2018.
 
The September average sale price for all GTA homes came in at $843,115 up 5.8% from one year ago.  This average is now up 8.9% from the average market high 2 years ago back in September 2017.
 
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 September compared to historical numbers was lower by 14% 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 September that ratio finished at 45.4% - almost 15% above last year and slightly below August of this year – indicating a continuing strong, steady market as we start to move through the fall market. 
 
The days-on-market average for GTA / Toronto homes was 23 days, 2 days faster than August.

Here’s a snapshot summary of the significant real estate milestones for Toronto in September 2019… the highest year-over-year appreciation number in 2019!!

September usually means the start of the fall market where more condos and houses are listed and sales increase from the summer months although that didn’t happen this year. This trend may follow through for the rest of the fall market thru the end of November. 

Watch the video to get the complete September 2019 Market Report details.



Here's the complete text version of the September 2019 Toronto Real Estate Market Report to read.


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