Market Watch July 2019

By: Shirley Hanlon

Market Watch July 2019

Tags: Market watch newsletter, Market, Watch, Newsletter, august 2019, The Hanlon Team, June average Home prices, GTA, TREB, Keep Cool this summer, blog, blog post,

The new President of the Toronto Real Estate Board, Michael Collins, announced that Greater Toronto Area REALTORS® reported 8,860 sales  through TREB's MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June and active  listings at month-end were down by 5.7 per cent.

                      

Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June. Sales were up by 8.5 per cent, while new listings were up by less than one per cent. This shows that sales accounted for a  greater share of listings compared to last year, which means that  competition between buyers increased, resulting in renewed price growth  in many segments of the market.

                          

"As I start my term as President of the  Toronto Real Estate Board, I am proud to say that the Greater Toronto  Area continues to grow, in terms of employment, population and overall  diversity. As people are attracted to our region from all around the world, they obviously need a place to live. Over the next year, as demand for ownership and rental housing continues to grow, my hope is  that we will see more movement from policy makers on two fronts:  alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI two  percentage point mortgage stress test and allowable amortization periods  on insured mortgages," said Mr. Collins.

                          

The overall average selling price in June  2019 was $832,703 – up by three per cent compared to the average of  $808,066 in June 2018. Price growth was driven by the higher density market segments, including semi-detached houses, townhouses and  condominium apartments. The MLS® Home Price Index Composite Benchmark was up by a similar annual rate of 3.6 per cent. For the first half of  2019, the average selling price was $810,661, representing an increase  of 2.4 per cent compared to the first half of 2018.

                          

"Buyers started moving off the sidelines in  the spring, as evidenced by strong year-over-year price growth  throughout the second quarter. However, because we saw virtually no change in the number of new listings, market conditions tightened and  price growth picked up, especially for more higher density home types, which, on average, are less-expensive than traditional detached houses  and therefore provide more affordable housing options under the new OSFI stress test regime," said Jason Mercer, TREB's Chief Market Analyst.

 

Report: http://www.trebhome.com/index.php/market-news/market-watch

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