Greater Toronto Realtors reported 8,595 residential sales through the Toronto MLS system in July 2019. The number of transactions in July jumped by 24.3% compared to 6,916 in July 2019.

For the region as a whole the semi-detached home type in the GTA experienced the largest sales increase in July at 42.0%.

The number of new listings reported in July 2019 was up by 3.7% compared to July 2018. The number of active listings reported in July 2019 was down by 9.1% compared to July 2018. Both statistics support tighter market conditions.

The average price in July was up by 3.2% from the same time last year to $806,755. Condo apartments in the GTA led the way in terms of an average price increase at 6.7% compared to the same time last year.

Sales of Toronto (416 area code) condominium apartments increased by 14.8% in July 2019.  The average price of a 416 condo apartment increased by 7.7% in July 2019 from the same time last year to $627,927.

Condominium apartments accounted for 26.5% of total GTA sales in July while detached homes accounted for 45.9% of the total sales.

Other notable statistics include the average days on the market in the GTA for July at 23 days, down from 25 days a year earlier.  The sales-to-listings ratio for July 2019 was 47.9% 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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