Greater Toronto Area Report August 2019 Steve Moran, Remax
Toronto area home sales and prices rose in August as demand continues to outstrip supply. The Greater Toronto Area's strong economy, cultural diversity and internationally recognized quality of life continues to attract newcomers to the region each year.
Sales in the Toronto area jumped 13 per cent from the same period last year largely driven by a boost in detached home sales. Toronto has clearly turned the corner after two years of weak sales for low-rise housing.
Market conditions also became tighter in August compared to a year ago because, while sales were up year-over-year, new listings were down by 3 per cent over the same time period.
The average selling price for all types of homes was $792,611 in August, up 3.6 per cent compared with a year ago.
Our housing supply has not kept up with population growth which has led to pent-up housing demand. Right now, the overall pace of price growth is moderate. Looking forward, if demand for housing continues to increase relative to the supply of listings, the annual rate of price growth will accelerate further.
I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.
