Toronto Real Estate Market Update With Michael Duggal
Wednesday Nov 20th, 2019Share
8491 residential sales were reported during the past month which is a 14% increase compared to the 7,448 sales reported in October 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 9.6% compared to October 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 December 2017, as the benchmark average price was up by 5.8% 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.