GTA REAL ESTATE STATS-DECEMBER 2019

In the course of 2019, we were approached by many Buyer clients with the same questions. The market is going to crash, right? Prices are still going down, right? Should I wait to buy until the prices reach the bottom?

Our response was, If you are a first time Buyer, now is the time to enter the market. If you are planning to move up into a larger home, now is the right time to make that move as the demand on higher priced homes is lower therby increasing our negotiating power. Also, if you are planning an investment, now is the right time as we are seeing record high levels of rental rates.

With banks discounting their Mortgage lending rates and the steady inflow of migrants, the demand on housing is still high thereby increasing the sales volume and increasing prices throughout the GTA Real Estate Market.

The Toronto Real Estate Board has just release its report for December 2019 and here are the main highlights.

The average home price in December 2019 was $837,788. Compared to December 2018 at $749,014 shows an increase of 11.85% Yr on Yr, with the volume of sales climbing from 3,746 units to 4,399 representing an increase in sales of 17.43%

Total annual sales for 2019 came in at 87,825 compared to 78,015 for 2018, a 12.57% increase whereas sales price went up by an average 3.99% from $787,857 in 2018 to $819,319 in 2019, 

For full TREB Market Watch Report click here

We have created some charts with the main highlights for you some municipalities in the GTA.

If you may have any questions about the Real Estate Market in the Greater Toronto Area, or may be buying or selling any time in the near future, please contact us.