Toronto's fall real estate market opened with continued demand for detached homes throughout the Toronto area, with York Region leading the way.
Demand for detached homes in the Greater Toronto Area (GTA) continued to be strong in September 2019, with sales up 29% this year over last year from 2,805 to 3,616.
York Region saw the steepest increase in detached home sales over last year with sales up 33%. Halton showed the weakest sales growth with detached sales up only 4% over last year.
Most surprising about the surge in detached sales last month was that the luxury market also saw sales surge.
Sales for detached homes that sold for over $2M were up 32% in September over last year. This is a big shift from just a couple of months ago that saw very sluggish sales growth in the high end market.
New listings were down slightly over last year which resulted in a more competitive market than last year. In September 2018, there were 4.3 months of inventory of detached homes, which has declined to just 3 months of inventory a year later.
This decline in inventory helped push detached home prices up 4% over the previous year, the first time since July 2017 that detached home prices have appreciated by more than 1% year over year.
John Pasalis is President of Realosophy Realty, a Toronto real estate brokerage which uses data analysis to advise residential real estate buyers, sellers and investors.
A specialist in real estate data analysis, John’s research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been shared with the IMF and cited by the Bank of Canada and Canadian Housing and Mortgage Corporation (CHMC).
Follow John on Twitter @johnpasalis
October 10, 2019Market |