Outstanding Achievement 2018,
President's Award 2016-2017
TORONTO, December 4, 2019 - Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,090 sales through TREB’s MLS® System in November 2019 – a +14.2% 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 groundoriented home types, including detached houses, led the way. New listings entered into TREB’s MLS® System in November and the active listings count at the end of the month went in the opposite direction compared to last year, with new listings down -17.9% year-over-year and active listings down -27.2%.
“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,” said Mr. Collins.
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% yearover-year. The average selling price increased by +7.1% 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.
“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,” 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.
As a realtor, we may refuse to answer this question because it is difficult to fulfill the answers for different buyers. But we must be fair, honest and maintain our intergrity if we choose to answer the concern from buyers. Click here to find out how we can help to address your concerns.