Greater Toronto Realtors reported 7,187 residential sales through the Toronto MLS system in March 2019. The number of transactions in March was inline with 7,188 sales reported in March 2018.
For the region as a whole the townhouse home type in the GTA experienced the largest sales increase in March at 12.1%.
The number of new listings reported in March 2019 was down by 5.1% compared to March 2018. The number of active listings reported in March 2019 was down by 2.5% compared to March 2018. Both statistics support tighter market conditions.
“The OFSI stress test continues to impact home buyers’ ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be reviewed. The supply of listings in the GTA also remains a problem. Bringing a greater diversity of ownership and rental housing online, including “missing middle” home types, should be a priority of all levels of government. ” said Gary Bhaura, TREB’s President.
The average price in March was up by 0.5% from the same time last year to $788,335. Condo apartments in the GTA led the way in terms of an average price increase at 1.6% compared to the same time last year.
“Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 14.1% in March 2019. The avergage price of a 416 condo apartment increased by 2.3% in March 2019 from the same time last year to $603,969.
Condominium apartments accounted for 27.3% of total GTA sales in March while detached homes accounted for 44.3% of the total sales.
Other notable statistics include the average days on the market for March at 21 days, down 1 day from a year earlier. The sales-to-listings ratio for March 2019 was 46.1% 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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