The Toronto Real Estate Board released results for October 2018, reporting tightening conditions in the GTA with sales up and new listings down.
Housing sales across the GTA rose last month compared to a year ago. Prices also rose, helped by strong sales in the condo market. The overall average selling price for all housing types in the GTA was $807,340, up 3.5% year over year. Condos were the housing type that experienced the greatest price growth with a 7.5% increase.
A total of 7,492 sales of all housing types were reported throughout the MLS system in October, which is 6% higher than the same month last year. Condos further drove the October market in unit sales, where 1,519 condo units were sold in the 416 area in October, a result that was greater than the total number of units sold of all other housing types combined in the 416. It was a very different story in the 905 regions of the GTA where combined sales of 3,771 detached, semi-detached and townhome units in the month outpaced condo units sold by over 6 to 1.
“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area” noted TREB’s Director of Market Analysis, Jason Mercer, and as seen in the graphic below.
If you would like to find out what these statistics mean to you, or if you are curious to know how much your property is worth today or how much you can afford to buy, please reach out.
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