In July sales were up 24.3% compared to last year with 8,595 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suites took a slightly higher 34.2% share of the market with 2,938 units being sold which is up 16.3% from 2018.
The July average sale price for all GTA homes came in at $806,755– up just 3.2% from one year ago. This average is now up 8.2% from the average market high back in July 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 July compared to historical numbers was lower by 9.1% 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 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 July, that ratio finished at 47.9% - about 13% above last year but almost 3% above June of this year – indicating a continuing strong market as we move through the summer months.
The days-on-market average for GTA / Toronto homes was 23 days, 2 days slower than June.
- July sales up 24.3% compared to last year (8,595)
- The ratio of sales-to-listings increased slightly to 47.9% in July
- The average sale price came in at $806,755 – up a positive 3.2% compared to last year
- Note that this overall market average is now 8.2% higher than the average 2 years ago in July 2017
- The GTA real estate market overall averaged the days-on-market at 23
- Detached home sales in July 2019 with a purchase price over $2,000,000 were up 11% (225 houses) while condo apartment sales over $2M were down 54% (13 suites)
- The CONDO share of the market increased slightly to 34.2% during the month
- Downtown condo active listing numbers were up 4.4% in C01 and increased in C08 by 5.3% from last year at this time
- July condo sales were up 6% in C01 and higher by 21% in C08 compared to 2018
- The downtown condo days-on-market average was 18-21 days – 2-5 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was closely matched in C01 (66%) and in C08 (70.2%) but still much higher than in the overall market (47.9%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 3.8% to 5.1% year-over-year… similar to what we’ve been seeing all this year.
- Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown. However sales numbers of houses have now started to increase significantly compared to condo suites although appreciation percentages are lower across the board in the 905.
This summer has been busier than normal so there’s not much relief for buyers tapping into their savings for their down payment. Lower inventories and higher sales show that there’s strength in the market which will keep prices stable.
Watch the video to get the complete July 2019 Market Report details.
Here's the complete text version of the July 2019 Toronto Real Estate Market Report to read.
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