Predictions for 2020 in the Greater Toronto Area!
Tuesday Dec 10th, 2019Share
7090 residential sales were reported during the past month which is a 14.2% increase from the number of sales reported in November 2018. Sales were up for all home types.
The trend of growth in sales versus new listings continued within the past month, with new listings down by 17.9% compared to November 2018. This resulted in tighter market conditions and positive annual rates of price growth across all major market segments.
We've seen the strongest annual rate of price growth since early 2017, as the benchmark average price was up by 6.8% on a year-over-year basis in October 2019.
The current pace of price growth remains moderate, we may see stronger price growth moving forward if the number of sales growth continues to outpace the number of new listings as this will lead to more competition for home purchasers.
The GTA's strong population growth and decreased mortgage rates are resulting in more sales. If we DO NOT see more listings come to the market, then expect price growth in early 2020.
PLEASE! DO NOT BELIEVE WHAT YOU HEAR FROM THE NEWS OR YOUR FRIENDS! Consult with a professional agent who is actually selling homes in this market. You may be hearing that the market is red hot…although people are likely comparing our market now, to what it was 12 months ago! I am watching for changes in the market every single week. The market is NOT red hot which means you need the very best agent you can find. Yes, there are more buyers... however, the average price did decrease from $852,142 in October 2019 to $843,637 in November 2019. As well, the number of days on market has increased from 23 to 24. All the signs that the market is very unpredictable. In today's market, some of the common things most agents are doing to try and get homes sold simply don't work that well. Hiring an agent to sell your home without interviewing 2 or 3 agents is a big mistake that will cost you thousands of dollars.