Central Toronto Real Estate TREB Released November, 2019 Resale Market Figures
Toronto Real Estate Board (TREB) 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, 2019 and the active listings
count at the end of the month went in the opposite direction compared to November 2018,
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
always, TREB will be there to help policy makers in this regard,”.
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, 2019.
“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,”.
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Source: Toronto Real Estate Board
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