Toronto Real Estate Sales Up by 14.2% in November 2019

Wednesday Dec 04th, 2019

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The Toronto Real Estate Board announced that Toronto sales were up by 14.2 per cent compared to November 2018. 7090 sales were reported in November 2019 through the Toronto MLS system. Inventory level's are tight and a lack of listings is driving up prices. 

Annual sales growth in ground-oriented home types, including detached houses, led the way. New listings entered into TREB’s MLS® System in November and the active listings count at the end of the month went in the opposite direction compared to last year, with new listings down 17.9 per cent year-over-year and active listings down 27.2 per cent. An increasing number of home buyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test, have moved back into the market for ownership housing. Based on affordability and stricter mortgage qualification standards, many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase. The Greater Toronto Area needs flexible housing market policies that will help sustain balanced market conditions over the long term. All levels of government in Canada plus reputable international bodies have acknowledged that we have a housing supply problem. In 2020, policy makers need to translate their acknowledgment of supply issues into concrete solutions to bring a greater array of ownership and rental housing online. As market conditions continued to tighten in November 2019, with increased sales up against an increasingly constrained supply of listings, the annual rate of price growth continued to accelerate. The MLS® Home Price Index Composite Benchmark increased by 6.8 per cent year-over-year. The average selling price increased by 7.1 per cent year over-year to $843,637. Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front. 

For the full Toronto Real Estate Report click here

If you have any questions on the Toronto market and would like to chat Real Estate feel welcome to call me anytime at 416-901-8777 or email me at info@ilistrealestate.ca.

 


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