Here’s a snapshot summary of the significant real estate milestones for Toronto in September 2019… the highest year-over-year appreciation number in 2019!!
September sales up 22% compared to last year (7,825)
The ratio of sales-to-listings dropped very slightly to 45.4% in September
The average sale price came in at $843,115 – up a positive 5.8% compared to last year
Note that this overall market average is almost 9% higher than the average 2 years ago in September 2017
The GTA real estate market overall averaged the days-on-market at 23
Detached home sales in September 2019 with a purchase price over $2,000,000 were up 32% (218 houses) while condo apartment sales over $2M were up 14% (16 suites)
The CONDO share of the market was steady at 34% during the month
Downtown condo active listing numbers were up 8.6% in C01 and increased in C08 by 13% from last year at this time
September condo sales were down 7% in C01 and up in C08 by 19% compared to 2018
The downtown condo days-on-market average was 18-22 days – 1-5 days faster than the overall market
The ratio of sales-to-listings for condos downtown was somewhat matched in C01 (52.8%) and in C08 (68.3%) but both were still much higher than in the overall market (45.4%).
Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 4.3% to 5.3% year-over-year… consistent with what we’ve been seeing all this year.
Sales numbers have now increased in many 905 neighbourhoods although appreciation percentages are lower across the board in the 905.
September usually means the start of the fall market where more condos and houses are listed and sales increase from the summer months although that didn’t happen this year. This trend may follow through for the rest of the fall market thru the end of November.
*Source Thomas Cook, Remax Hallmark Realty Ltd., Brokerage