Market adopts a modest and cautious price appreciation model

By: Thomas Cook

Market adopts a modest and cautious price appreciation model

In August sales were up 13.4% compared to last year with 7,711 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales edged up to a 34.5% share of the market with 2,661 units being sold which is a 4.8% increase from 2018.
The August average sale price for all GTA homes came in at $792,611 up 3.6% from one year ago.  This average is now up 8.4% from the average market high back in August 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 August compared to historical numbers was lower by 11.2% 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 August that ratio finished at 48.6% - about 10% above last year and slightly above July of this year – indicating a continuing strong, steady market as we move through the summer months. 
The days-on-market average for GTA / Toronto homes was 25 days, 2 days slower than July.

Here’s a snapshot summary of the significant real estate milestones for Toronto in August 2019… is some confidence returning to the market?

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

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

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