Toronto home prices just rose by the highest level in 2 years
The latest Toronto Real Estate Board market figures report shows a surprising fourteen per cent increase in sales in the GTA, while supply continues to be an issue in the market.
GTA Realtors reported 8,491 residential sales to TREB in October 2019. This result represented a 14 per cent increase compared to the 7,448 sales reported in October 2018.
According to TREB, sales were up on a year-over-year basis for all major home types.
The study also reveals the average selling price for all home types combined was up by 5.5 per cent to $852,142, compared to $807,538 in October 2018.
That's the biggest annual jump since December 2017.
The combination of an accelerating rate of price growth with the current pace of sales growth can lead to an even more competitive market for prospective buyers, says Jason Mercer, TREB’s Chief Market Analyst.
“While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers,” said Mercer.
New listings were down by 9.6 per cent compared to October 2018, from 5,295 listings to 4,980 listings in October of this year.
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