August 2019 Toronto Real Estate Market Report

 Toronto Real Estate Board President Michael

Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB’s MLS® System in August 2019. This result represented a 13.4 percent increase compared to 6,797 sales reported in August 2018. On a month-over-month basis, after preliminary seasonal adjustment, sales were up by 0.8 percent.

GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017.

Market conditions also became tighter in August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by three percent over the same time period to 11,789. Year-to-date, growth in sales has well-outstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 percent compared to August 2018.

The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9 percent on a year-over-year basis. The average selling price, at $792,611 in August 2019, was up by 3.6 percent year-over-year. Both the MLS® HPI benchmark prices and average selling prices were up on an annual basis for major market segments.

The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density low-rise home types and finally detached houses

SALES & AVERAGE PRICE 

August 2019

Detached

3,638 sales

$978,920

$ Stable 0.3% Year-Over-Year


Townhouse

1,292 sales

$639,584

$ Up 2.3% Year-Over-Year

Semi-Detached

642 sales

$768,974

$ Up 3.5% Year-Over-Year

Condo

2,067 sales

$574,332

$ Up 6.1% Year-Over-Year

Want to know more about the buying process?

See My 8-Steps Process For Buyers

Have a home you need to sell before you buy?

Get your home's value

We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info