Greater Toronto Area Report September 2019
Steve Moran, Remax
Home sales rose sharply in the Toronto region last month as Canada's largest city continued to move strongly into recovery mode after a long slump.
Sales of all home types climbed by 22 per cent in the Greater Toronto Area in September compared with the same month last year, while average prices rose by 5.8 per cent. Much of the growth in activity came from a sharp rebound in sales of detached houses, up 29 per cent from a year earlier.
The average sale price for all types of homes hit $843,115 in the GTA in September, the highest average monthly sale price since May, 2017. Last month, the average detached house in the region sold for $1,050,421 while the average condominium in the Toronto area sold for $595,013.
The supply of listings continued to be a concern in September. We have seen multiple months this year where sales growth has outpaced the rate of new listings. Looking forward, if sales growth continues to outpace the rate of new listings, the market will tighten further and price growth will accelerate.
I am ready to help with all of your real estate buying and selling needs .Contact me today at 416-949-1684 or visit me at http://www.stevemoranhomes.com.
Have a great day!