Market Update for November 8
The Toronto Real Estate Board released the market stats for the month of October and all we can say is we are UP! October continued the string of strong performances. Beginning in the spring the Toronto and GTA market have shown month per month growth in sales and sale prices. The average sale price for the City of Toronto is $925,498 up 6.4% from a year ago. The number of sales has also increased by 8.7%. Still the growing concern is the lack of inventory with active listings down almost 6% compared to last year resulting in tighter market conditions and accelerating price growth.
Last week in the city the freehold sector saw a 10% drop in new listings. Sales were also lower than the previous week, down 12%. We are still witnessing a bit of everything, with some listings sitting on the market, some listings selling in crazy bidding wars and scores of potential buyers cautiously waiting for the right house. Still, sentiment for home ownership remains strong as nearly 55% of home transactions in the 416 sold at or above the asking price.
The condo market did not see an increase in new listings but rather a 12% drop from the previous week, but sales were up 9%. The condo sector stats for October were also stellar. The average condo price came in at $662,631 up 9.8% from October 2018. With nearly 50% of sold units still happening at or above the list price, the condo market continues to lead the way in terms of price growth in the GTA.