GTA REALTORS® Release November 2019 Statistics

GTA Real Estate Market Update by Toronto Real Estate Board

Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,090 sales through TREB's MLS® System in November 2019 – a 14.2 per cent increase compared to November 2018. On a GTA-wide basis, sales were up year-over-year for all major market segments. 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," said Mr. Collins.

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. Both the MLS® HPI and the average selling price for the TREB market area as a whole experienced the strongest annual rates of price growth for the year in November.

"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," said Jason Mercer, TREB's Chief Market Analyst.

Retrieved from Toronto Real Estate Board Market Watch Report

GTA

MARKET REPORT

Nov 2019

Ave Sold Price

$843,637

Sold Properties

7,090

Ave Days on Market

24

DETACHED

$956,600

Benchmark Price

9.09%

3 years changes

SEMI DETACHED

$755,400

Benchmark Price

12.29%

3 years changes

TOWNHOUSE

$608,000

Benchmark Price

25.47%

3 years changes

CONDO

$554,800

Benchmark Price

45.55%

3 years changes

What's Happening This Month

Here are a few interesting events that are taking place this month

Photo by Mackenzie Marco on Unsplash

TORONTO AURORA WINTER FESTIVAL

Just in time for the festive season, the Canadian National Exhibition (CNE) is transforming the Ontario Place West Island into a spectacular celebration of light and adventure as the 2019 Aurora Winter Festival comes to life for a second consecutive year. Tickets are now on sale now for the highly-anticipated festival taking place from Friday, November 22, 2019 through to Sunday, January 5, 2020.

Photo by Simon Zhu on Unsplash

HOLIDAY FAIR IN THE SQUARE

In the heart of Toronto at Nathan Phillips Square, the Holiday Fair in the Square** runs December 7 – 23. Combining the charm and elegance of a Christmas market with the excitement and allure of a thriving winter carnival, Fair in the Square is a new favorite Toronto holiday tradition.