Market Update for September 2019
Sunday Oct 06th, 2019
I hope you are well and enjoying the beginning of the Fall season. I wanted to reach out and give you a brief update on what has been going on recently in the residential real estate market. The Greater Toronto Area has seen an above average jump in the number of sales of homes during the month of September, up 22% over September 2018. Buyer demand has remained strong as we entered the Fall, inventory of homes for sale also fell over 14% which will put upward pressure on prices, up almost 6% over the same month last year. The annual average price for a home in the GTA is now $811,602, up over 3% over the same period last year. This is a very healthy number, as much as we want our homes to appreciate it is important that prices do not go up too quickly as the market tends to over correct in the negative direction.
Resale condominiums continue to play a big driver in our market with the volume of sales up over 15% across the GTA with prices up over 4% for the month, an average of $595,013. The affordability of condominiums in the GTA is a big reason for their demand as the average price for detached houses is over one million dollars, the current average price for a detached home is $1,050,421.
I hope you found this information informative. I am always only a phone call or email away should you have any real estate questions, I am always happy to help.
Have a great Fall Season!