Toronto, Ontario, October 3, 2019 - “MarketWatch”, the Toronto Real Estate Board’s monthly residential market statistics publication was released by Board President Michael Collins today showing “strong year-over-year sales growth” with reported overall home sales - meaning sales of all home types across all of TREB’s market area - of 7,895 which represented a twenty-two percent jump compared to last September. Sales increases were generally led by the Freehold home sectors [as opposed to Condominiums].
Buoyed by healthy demand and low inventory, overall average selling price was up 5.8% to $843,115. The September “preliminary seasonally adjusted” sale price also represented a rise of 1.2% over the prior month.
There were no “negatives” in the report except for those lower inventory numbers along
with the average time it took to sell a home [see charts]. All figures herein are year-over-year comparisons, unless otherwise noted.
The report also notes that sales volume was still well below the 9,800 sales recorded at the September, 2016 sales peak.
Specific Numbers by Home Type
Metropolitan Toronto - “The 416” - had 909 sales of Detached homes reported, up 37.9%%, averaging $1,360,623 [selling price], up a slim 1.2%. In “The 905” - the balance of the Greater Toronto Area - 2,707 Detacheds sold in September, a 26.1% jump, averaging $946,256, up 4.5%.
Condo Apartment sales were up 13.5% in The City of Toronto to 1,450 units at an average sale price of $636,817, up 3.3%. The rest of the greater Toronto Area saw 621 sold, up an even 22%, at an average of $497,403, up 9.2%.
Note that we’ve included the Chart of Toronto & GTA Home Sales Volume by Price & Type at the very bottom of this post…
Inventory Still Constrained...
As noted above and as demonstrated by the charts included herein, inventory continues to be an issue. Newly listed properties were down 1.9% versus last September to 15,611 homes. More indicative of the inventory issue is the number of Total Active Listings [TAL] which was down 14.1% at month-end to 17,254. Dividing that total inventory figure by the month’s sales total gives us an Indicated Forward Inventory of just 2.2 months. While that’s an improvement over some of the inventory numbers reported of late, it’s still low by historical standards - particularly in the context of demand which is largely fuelled by lower interest / mortgage rates and continued strong immigration.
From the report, “The supply of listings continued to be a concern in September 2019, with new listings down by 1.9 per cent year-over-year to 15,611. We have experienced multiple months this year wherein the annual rate of sales growth outpaced the annual rate of new listings growth, resulting in the overall number of active listings at month-end being well-below last year’s levels. This speaks to tightening market conditions and an accelerating annual rate of price growth.”
Not surprisingly given the numbers above, residential properties sold “11.5% faster” on average this September compared to last September at 23 days on the market [“DOM”] compared to 26.
Thanks for reading; Happy Fall to All!
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