Outstanding Achievement 2018,
President's Award 2016-2017
TORONTO, November 5, 2019 – Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,491 residential sales through TREB’s MLS® System in October 2019.
This result represented a +14% increase compared to 7,448 sales reported in October 2018. GTA-wide, sales were up on a year-over-year basis for all major home types. “A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home.
The problem is that the supply of available listings is actually dropping, resulting in tighter market conditions and accelerating price growth,” said Mr. Collins. The trend of annual growth in sales versus annual decline in new listings continued in October 2019, with new listings down by -9.6% compared to October 2018.
The resulting tighter market conditions compared to a year ago resulted in positive annual rates of price growth across all major market segments, from a GTA-wide perspective. The MLS® Home Price Index Composite Benchmark was up by +5.8% on a year-over-year basis in October 2019 – the strongest annual rate of growth since December 2017.
The average selling price for all home types combined was up by +5.5% to $852,142, compared to $807,538 in October 2018. “As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth.
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 Jason Mercer, TREB’s Chief Market Analyst.
As a realtor, it is our fiduciary duty to protect the interests of my clients. One of which that I often do is to find out the possible grow-op history of the house that my clients are interested to purchase. This is by far one of the biggest concerns that most home buyers have. I want to share the below links with you to help you to identify a grow-op and the locations of those published grow-op online. If you like the info., please share with your friends and families.
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