The GTA real estate market continued its strong trend as Toronto Realtors sold 7,711 residential properties in August 2019. This result represented a 13.4 % increase compared to 6,797 sales reported in August 2018.
Sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. Demand for more expensive homes is on the rebounded in 2019, as almost 1,400 properties sold in August were over $1,000,000 with 159 of them over $2,000,000. The luxury market is starting to move!
Tight market conditions are becoming tighter and August prices increased 3.6% over August 2018. The listing inventory dropped 3% over the same time period to 11,789 resulting in the length of time to sell the average home falling to 25 days and the average list to sale price being 99%.
We believe the market is poised to take off again. Economists predicted that interest rates would increase. They did not. They predicted that the real estate bubble would burst, it did not. All that happened is that they scared the average home buyer into deciding to wait and see, resulting in a sluggish market with great opportunities in homes over $1,000,000 due to the mortgage stress test.
Immigration continues. Investment in Canada continues. If you haven’t seen the construction around Toronto, you are not looking!
It’s the right time to buy an investment property or buy a bigger home before the masses jump into the market and prices surge up.
Give us a call and let us share our knowledge and experience to help you and your family take advantage of the current market.
Have a great September,
Your Friend in Real Estate.
PS. I would appreciate your referrals!