THE RESALE REAL ESTATE STATISTICS FOR THE MONTH OF OCTOBER 2018 ARE IN AND HERE ARE THE KEY FACTS
- 7,492 sales reported through Toronto Real Estate Board’s MLS system (up 6.0% from October 2017).
- Average selling price of all home types was up 3.5% year over year and up by 9.6% since January 2018.
- Only 2.53 months of standing inventory (lower than September 2018).
Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.
Toronto Statistics - Year over Year Average price change
|Detached Home||+ 1.8%|
|Semi Detached||+ 8.3%|
|Condo Towns||+ 1.6%|
|Condo Apartment||+ 8.7%|
Mississauga Statistics – Year over Year Average Price change
|Semi Detached||+ 4.0%|
|Condo Towns||+ 2.0%|
|Condo Apartment||+ 11.7%|
Brampton Statistics - Year over Year Average Price change
|Semi Detached||+ 7.7%|
|Condo Towns||+ 7.9%|
|Condo Apartment||+ 3.2%|
Milton Statistics - Year over Year Average Price change
|Semi Detached||+ 3.6%|
|Condo Towns||- 5.3%|
|Condo Apartment||+ 13.5%|
Vaughan Statistics - Year over Year Average Price change
|Semi Detached||- 0.3%|
|Condo Towns||- 8.9%|
|Condo Apartment||+ 12.9%|
The sales volume for the GTA Market was up by 6.0% from September 2017, an upward trend as predicted in the last few market updates. We should see this trend continue into next year, and with an increase in number of sales the prices should start slowly moving up.
Condo Apartments led the price gains last month, coming in at 7.5% year over year increase. Semi detached homes also showed notable growth at 6.6% year over year.
Another interesting number to look at is the change in median & average price of a home (all types) in the GTA from January to October 2018. The median price of a home is up by 9.3% and the average price is up by 9.6% since January 2018.
Inventory levels are at 2.53 months of inventory, which is lower than September 2018. As mentioned in the last post, we were watching this number carefully as the inventory levels had shot up last month, but the drop in inventory is a good sign for the market.
Homes are selling in an average of 24 days, as compared to 26 days reported in September 2018.
We have been dealing with a balanced market across the GTA as motivated sellers are adjusting their price expectations to the current market, and the buyers have started to take advantage of these low prices.
If you are a Buyer, and you have a 5 Year Fixed Mortgage Rate guarantee from your mortgage lender, it might be a good time to buy your dream home before the prices start going up. Average price of a home in GTA is up by approximately $70,000 since January 2018.
If you are looking to sell, the demand is still there. The key is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.
Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.