Greater Toronto Realtors reported 7,492 residential sales through the Toronto MLS system in October 2018. The number of transactions in October represented a 6.0% increase compared to 7,069 transactions reported in October 2017.
For the region as a whole the semi-detached home type in the GTA experienced the largest sales increase at 12.7%.
The number of new listings reported in October 2018 was down by 2.7% compared to October 2017. The number of active listings reported in October 2018 was up by 0.4% compared to October 2017. The fact that sales were up and new listings were down year-over-year in October suggests that market conditions became tighter.
“Annual sales growth has been positive since the late spring. While the OSFI stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the GTA remain upbeat on home ownership as a quality long-term investment. A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019,” said Gary Bhaura, TREB’s President.
The average price in October was up by 3.5% from the same time last year to $807,340. Condo apartments in the GTA led the way in terms of an average price increase at 7.5% compared to the same time last year.
“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the GTA. With municipal elections in the rear view mirror, all levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market, including facilitating the development of a broader array of medium density housing choices ,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments increased by 2.8% in October 2018. The average selling price of a Toronto condo (416 area code) increased by 8.6% in October 2018 from the same time last year to $603,153.
Condominium apartments accounted for 28.4% of total GTA sales in October while detached homes accounted for 44.4% of the total sales.
Other notable statistics include the average days on the market for October at 24 days, up from 23 days a year earlier. The sales-to-listings ratio for October 2018 was 39.6% 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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