Greater Toronto Realtors reported 6,455 residential sales through the Toronto MLS system in September 2018. The number of transactions in September represented a 1.9% increase compared to 6,334 transactions reported in September 2017.
region as a whole townhomes in the GTA
experienced the largest sales increase at 8.5%.
The number of new listings reported in September 2018 was down by 3.1% compared to September 2017. The number of active listings reported in September 2018 was up by 5.6% compared to September 2017.
“It is healthy to see sales and prices in many areas across the GTA up a bit, compared to last year’s lows. At the same time, however, it is important to remember that TREB’s market area is made up of over 500 communities. Market conditions have obviously unfolded differently across these communities. This is why it’s important to work with a Realtor who is familiar with local market conditions in your areas of interest,” said Gary Bhaura, TREB’s President.
The average price in September was up by 2.9% from the same time last year to $796,786. Condo apartments in the GTA led the way in terms of an average price increase at 10.0% compared to the same time last year.
“While higher borrowing costs and tougher mortgage application rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment. As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region ,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 5.5% in September 2018. The average selling price of a Toronto condo (416 area code) increased by 11.7% in September 2018 from the same time last year to $615,582.
Condominium apartments accounted for 27.7% of total GTA sales in September while detached homes accounted for 43.8% of the total sales.
Other notable statistics include the average days on the market for September at 26 days, up from 24 days a year earlier. The sales-to-listings ratio for September 2018 was 32.1% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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