All statistics via Toronto MLS Market Watch (TREB).
Year-to-date, the growth in sales has well outstripped growth in new listings. GTA wide sales were up on a year over year basis for all major market segments.
Year to date stats are up for both the total number of sales as well as the average price across all property types.
The number of sales was up compared to last August, and down compared to last month – which is typical for the tail end of summer. Expect to see an increase during the fall market!
The total number of sales for detached homes saw a slight increase, while semi-detached saw a slight decrease. Condos saw the biggest increase with nearly 13% more sales than last August.
Compared to July, the average price across all property saw a decrease which is partly contributed to the drop in transactions. Compared to August 2018, prices saw an increase.
Across the major home types in August, semi-detached homes lead the way in terms of price increase, met second by condos. Supply for both condos and houses continue to be low, driving higher prices.
The Market for Buyers
With interest rates low, the demand for real estate remains high all year round. The tighter supply/lower number of listing in August leads to a strong increased in pricing year over year for all property types.
September and October will lead to both an increased number of listing as well as an increased number of buyers.
Expect competition to be strong in the condo market and semi-detached market as they are the most affordable property types.
The Market for Sellers
September and October are historically two of the best months to sell your property.
With listing and sales volume significantly down in August from July, we anticipate that pent up demand will lead to strong sales in September and October.
With the current low interest rate environment and news that rates my even decrease, we anticipate sales demand to remain strong for the remainder of 2019.