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?
- August sales up 13.4% compared to last year (7,711)
- The ratio of sales-to-listings increased very slightly to 48.6% in August
- The average sale price came in at $792,611 – up a positive 3.6% compared to last year
- Note that this overall market average is now 8.4% higher than the average 2 years ago in August 2017
- The GTA real estate market overall averaged the days-on-market at 25
- Detached home sales in July 2019 with a purchase price over $2,000,000 were up 13% (149 houses) while condo apartment sales over $2M were down 37% (5 suites)
- The CONDO share of the market was steady at 34.5% during the month
- Downtown condo active listing numbers were up 8.5% in C01 and increased in C08 by 3.1% from last year at this time
- August condo sales were down 7% in C01 and flat in C08 compared to 2018
- The downtown condo days-on-market average was 21-23 days – 2-4 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was closely matched in C01 (61.9%) and in C08 (69.5%) but still much higher than in the overall market (48.6%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 4.6% 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.
- September usually means the start of the fall market where more condos and houses are listed and sales increase up until late November when everything slows down for the holiday season. There are good choices out in the market for most buyers who have their mortgage financing approval in place.
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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