Aug 2019 Toronto Real Estate Update - Prices Drop!
Sunday Aug 11th, 2019Share
During this video, Michael will provide you with an in-depth analysis of our current real estate market here in the GTA. The overall average selling price in July 2019 was $806,755. The number is up by 3% compared to the average of $782,129 in July 2019. The price however, has dropped since June 2019 by 3% as the average price in June 2019 was $832,703.
New listings were up in July 2019 compared to July 2018, but by a much lesser rate than sales. Broadly speaking, the increased competition between buyers for active listings has resulted in strong price growth for semi-detached houses, townhouses, and condominium apartments. However, the detached market segment, which has been impacted most by the stress test, has had a slower pace of price growth...the average detached price is now lower than last year's average price in some parts of the GTA.