Greater Toronto Realtors reported 7,825 residential sales through the Toronto MLS system in September 2019. The number of transactions in September jumped by 22.0% compared to 6,414 in September 2019. It is important to note however that sales remain well below the record September 2016 peek of more than 9,800 sales.

For the region as a whole the detached home type in the GTA experienced the largest sales increase in September at 28.9%.

The number of new listings reported in September 2019 was down by 1.9% compared to September 2018. The number of active listings reported in September 2019 was down by 14.1% compared to September 2018. Both statistics support tighter market conditions. 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.

The average price in September was up by 5.8% from the same time last year to $843,115. Townhouses in the GTA led the way in terms of an average price increase at 6.8% compared to the same time last year.

Sales of Toronto (416 area code) condominium apartments increased by 13.5% in September 2019. The average price of a 416 condo apartment increased by 3.3% in September 2019 from the same time last year to $636,817.

Condominium apartments accounted for 26.5% of total GTA sales in September while detached homes accounted for 46.2% of the total sales.

Other notable statistics include the average days on the market in the GTA for September at 23 days, down from 26 days a year earlier.  The sales-to-listings ratio for September 2019 was 45.3% 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.

Do you have any questions about Toronto Real Estate? Please contact me direct at 416-520-6746  or by email, David@DavidStoddard.ca

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